KATHMANDU, April 4: Nepal Real Estate Organization (N-REO), an organization of real estate agents and agencies, has launched a multi-listing system similar to a stock exchange for managing real estate transactions. The system has been put into operation by N-REO’s member agents.

In an effort to streamline and bring transparency to the activities of agents and agencies in the real estate sector, N-REO has issued non-affiliation certificates to its members.

Purnima Rajbhandari, the president of N-REO, said that the property law has been amended so that real estate agents and agencies have to get a license and said that the procedure is currently being prepared for its implementation.

"This system facilitates quicker transactions, reduces legal complications, minimizes risks of malpractices by agents, and increases government revenue. Properties can be transacted at fair prices," stated Rajbhandari. She advocated for the government to adopt this system in the near future, with ongoing efforts for its integration into governmental frameworks.

Similarly, the general secretary of N-REO, Binod Subedi, said that while the overall economy is slowing down, the real estate business has also been affected.

A universal commission rate has been determined for real estate agents and agencies. A multi-listing system has been developed for real estate transactions like at NEPSE. We have also been contributing to prepare a study report to incorporate agents and agencies involved in the real estate sector within the tax framework," Subedi said.