Realty Expo-2011 to kick off Aug 25

KATHMANDU, JUN 02 -
Nepal Land and Housing Developers’ Association (NLHDA) is organising ‘Real Estate Expo-2011’ from August 25 to 28 in the Capital. This is the second time that NLHDA is holding such an expo in the country.

The four-day expo is aimed at disseminating information about the realty sector and latest developments. Min Man Shrestha, general secretary of NLHDA, said the exhibition will also incorporate displays from utility sectors including paint, electricity and interior decoration.

With the housing sector experiencing a slowdown, the expo is expected to provide new impetus to the sector. Leading developers will be launching launch new housing and apartment projects in the expo. “The expo is also offering apartments targeting middle class families,” said Shrestha.

NLHDA says the expo will feature 200 stalls from housing developers, banks, construction material companies, interior designing and electrical equipments. It will also provide consultancy service to help customers receive bank loans. “We are expecting more than 50,000 visitors,” said Ichha Raj Tamang, president of NLHDA.

NLHDA is also planning to take the expo to Nepali Diasporas living abroad. It will coordinate with the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and Non Resident Nepali Association for the purpose.

Of late, the housing sector is going to a rough weather due to regulatory and non-regulatory reasons. Government provisions such as income source disclosure and capital gain tax has hit the business, while protracted liquidity crunch in banking system has made availability of resources hard.

Even though the Supreme Court recently quashed the government’s decision that had made it mandatory for realty developers and individuals to carry out realty transactions worth more than Rs 5 million through bank cheques, housing developers say gloom in the market has not been eliminated.

Many developers are waiting for the next fiscal year’s budget with a hope that the government would address their woes.

source: The Kathmandu Post

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