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Real estate developing in Bhaktapur

The recently constructed six lane road that connects Kathmandu and Bhaktapur has resulted in less traffic congestion and easy transport connection. That has helped real estate developers as well as home seekers to look at Bhaktapur as a potential and feasible place for real estate development. Affordable land prices are another reason why customers from Lalitpur, Kathmandu and eastern districts are warming up to invest in real estate at Bhaktapur.

Stakeholders state that the two kilometre alongside the Arniko Highway from Lokanthali to Suryavinayak has already developed as a residential area. “Land pooling and plotting in Bhaktapur started 15 years back but it could not attract many customers as they felt it was too far. However, with the road expansion, developers as well as customers for individual houses are now attracted to the place,” says Bhesh Raj Lohani, secretary at Nepal Land and Housing Developers Association (NLHDA).

According to NLHDA, there are altogether 71 projects in the Kathmandu valley, 6,000 apartment flats and 1,200 individual housing units of which only six projects are in Bhaktapur. Ram Mani Bhattarai, CEO at Bhaktapur Municipality, says, “Bhaktapur is still in an infant stage in terms of realty sector development.” Bhattarai further adds, “It has been only a year since commercial buildings and housing projects are emerging here.” Stating that Bhaktapur has great potential for the realty sector, he informs, “The municipality is in the process of designs to develop well planned settlements in Sallaghari ward number five, 10 and 15 on 1,550 ropanis of land which will probably be one of the most organised settlements in Bhaktapur.”

Transportation facilities, water supply, less polluted environment, affordable prices of land and a growing market are the unique strengths that could see a surge in the demand for property in Bhaktapur. Despite the fact that land and house prices in the district are comparatively lower than other districts in the valley, Lohani says, “There are not many transactions still. The reason could be the overall situation of hesitation to invest in real estate and the trend of investing in property only when the market is booming and holding in a static situation.”

The Realtors — the first real estate agent in Nepal — has extended its branch at Suryavinayak, Bhaktapur recently to tap into the potential market. “Although it has been only few weeks, enquiries are quite good and we are having a good response from the market,” says Roshan Bhayadyo, managing director at The Realtors, Bhaktapur branch.

According to Bhayadyo, Bhaktapur is a good location for owning property by upper to lower middle class people. He says that a small residential house can be ready within Rs 1.5 million to Rs two million in area under village development. “The prices these days are 30 to 40 per cent lower than compared to the fiscal year 2008-09,” he says. He feels it is a good opportunity to invest in property in Bhaktapur. The price difference ratio for land prices in Bhaktapur and Kathmandu is one is to three.

Near to the capital city areas such as Balkot, Katunje, Nilbarahi, Bijeshwari et cetera have become the first choice of Kathmanduites. On the other hand, areas like Dhaukhel, Taathali, Lankhel, Sitatole et cetera in the eastern part of Bhaktapur are popular with people from neighbouring districts of Sindhupalchwok and Kavre as the land price is comparatively low. Bhayadyo informs that 75 per cent of customer enquiries are for residential properties while the rest are business related. Reportedly, the minimum price of a plot from 2.4 annas to four annas starts from Rs 600,000 to Rs 2.2 million, depending upon the area. Moreover, a residential house can be ready at minimum Rs 2.2 million up to Rs five million. As only 17 per cent of the total population of Nepal lives in urban areas, and just two per cent of urban denizens live in plan-ned housing units, stakeholders believe that there is a huge potential for real estate development in the nation. Lohani says, “Many people regard the four kilometre periphery outside the ring road, as a residential zone and in this prospect, Bhaktapur holds lot of potentiality to grow.”

source: the himalayan times,21 June 2013



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