The valley’s rapid urbanisation has also escalated the demand for accommodation.Rather than expanding horizontally in a region that already suffers from extreme contraction of open spaces, developers are playing smart and going for vertical growth through skyscrapers. One of the enterprises hoping to cash in on this demand is Imperial Developers Pvt Ltd (IDPL), which has brought forward its Imperial Court.
Situated at Sanepa Height, the Court boasts of luxurious apartments with French and neo-classical architectural designs in chateau style.Imperial Court plans include 100 apartments with eight penthouses. These will be divided into four blocks, with each block having two apartments on a single floor.
A single building has 14 floors with two basements and underground parking facilities. Constructed in a U-shape, the apartments have landscaped area in the middle for viewing pleasure.
“Although our residences are divided into two blocks, they comprise a single apartment. Hundred apartments in 12 ropanis of land is least dense for Kathmandu,” says Siddhartha Gopalan, director and architect at IDPL. The apartments cover a living area of 186,000 square feet.
Bikash JB Rana, the company’s chairman, informs, “We have completed 90 per cent of construction and have also begun fitting up interiors in some apartments.
We will tentatively hand over full cushioned apartments within 15 months.” Although hopeful about it, he adds,
“We are hampered by the traditional mindset of people regarding apartment culture, as many of them still view apartments with suspicion and negativity.” To prevent this, he suggests that all developers should create an encouraging image regarding housing and apartments, and should win the heart of buyers by delivering promised products on time, being transparent in work and providing effective services.
The starting price for Imperial Court apartments is Rs 13 million. The project has three bedroom apartments with or without a maid room. Each of the apartments also has at least five to eight balconies including a service balcony.
The company claims that 60 per cent of the apartments have already been sold, with their main target group and
buyers being well-to-do Nepalis as well as Non Resident Nepalis (NRNs) seeking classy lodging. The builders also claim to have taken safety measurements regarding fire and other mishaps. “For fire safety, we have escapes in each block.
We also have fire tanks on top of the buildings, which is filled up before the other tanks. This stocks adequate water for emergencies,“ informs Gopalan, adding that they will also internationally certify the structure from the Indian Institute of Technology. Unlike other housing colonies, IDPL does not charge its buyers for club, children’s garden, swimming pool and treated water.
According to Rana, it is the right time to invest in property, as he explains, “There is no good or bad time for that, the question is only whether the situation is favourable or not. I think it is wise to deal in property now, because real estate is reverting to its previous position and concerned authorities are making favourable laws while interest rates are dipping.” According to him, even thought the scenario is better, developers still face challenges.
Rana elaborates, “The foremost obstacle is the lengthy Environment Impact Assessment (EIA) process, which takes almost two years to get approved. If we hold our construction till granted approval, we lose a lot of time. If we go ahead with our project, it seems like we are defying the law. So, the government should amend the law in such a way that it benefits developers as well as lawmakers.” However, Rana is enthusiastic about the future, as he says, “There is tough competition in other housing and apartments, but we have little competition as our apartments are high end and top class.” As per Rana, their competitors are Clean Energy and Park View Horizon, though they work hard to stand out by using quality materials and branded furnishings. This might raise their prices a little, but ensures that their customers have nothing to complain about.
source: The Himalayan Times, 7 April 2012
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