CG back in housing sector; announces Rs 1b project

After a decade-long hiatus, Chaudhary Group (CG) has re-entered into the housing sector. CG Group’s CG Developers, on Sunday announced three new projects with an investment of Rs 1 billion.

The company is developing two housing projects—Mount View Residency III (MVR III) in Harisiddhi, Lalitpur, and CG Hills in Hattigauda, Kathmandu—and a commercial complex—Bharatpur Hub—in Bharatpur, Chitwan.

CG was the first corporate house to foray into the housing sector in the country. It started with Kathmandu Residency in 2000, the country’s first apartment housing project. Its second project at Harisiddi in 2003—MVR I and II—included independent and duplex homes.

CG’s re-entry in this sector has happened at a time when the realty sector is going through a tough time. CG’s Managing Director Nirvana Chaudhary says the need for housing has remained the same despite the slowdown. “Common people’s need for housing has not slowed down and we are confident,” said Chaudhary.

The MVR III will have nine houses, while CG Hills will have 60 stand alone and row houses. Targeted at the middle class, the houses are priced between Rs 10 million and Rs 15 million.

CG Developers is investing Rs 540 million in these projects. Each house at CG Hills will be built on 4-6 aana of land. “Exterior design of the houses will give a glimpse of Patan and Bhaktapur Durbar squares,” said Aashish Sharma, chief executive officer of CG Developers.

Similarly, Bharatpur Hub will be the first of its kind in Nepal. It will have a luxury shopping mall, multiplex, food court and a hotel under one roof. Labeled as mixed development by the group, the 11-storied building will have a 56-room three-star hotel. The project is estimated to cost Rs 550 million.

The group is also planning to replicate this concept in other cities like Pokhara, Itahari and Butwal. “This is the high time to develop infrastructure in other places than Kathmandu,” said Chaudary.

CG says it will launch more projects in future. “So far, our projects have targeted the middle and upper middle classes,” said Chaudhary. “Now, we will come up with projects for all groups.”
source:The Kathmandu Post

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