Beleaguered realty trader Sudheer Basnet, whose business ventures are facing crisis, has made public his revival plan.

Holding a press conference here on Sunday, Basnet offered depositors of Oriental Saving and Credit Cooperative and customers of his housing projects an option of purchasing the apartments and the land owned by his company Oriental Builders.

“As I have no cash available to pay, I have floated the plan of giving the apartments and the land to pay my liabilities,” said Basnet. “Those who don’t want to buy the property will have to wait for three more years to get back their money.”

Struggling to return the money to his customers, Basnet says he will complete his apartment projects — Vegas City of Imadol, Lalitpur and Chakrapath Height — and hand over the unsold apartments to Oriental Cooperatives depositors.

If the plan succeeds, he said his other projects would also be revived. Basnet said he would initiate dialogues with various committees formed by the customers of his apartment projects and the cooperative to implement the new plan. Basnet has liabilities of Rs 4 billion to 700,000 depositors of the cooperative. He also has additional liabilities to 3,000 customers of his apartment projects. The cooperative has been failing to repay deposits since last Dashain. Basnet, however, has committed to repay the deposits.

As per his plan, depositors of the cooperative could purchase the apartments and land on the basis of their deposits in the cooperative. Those who don’t want to spend all the deposits for purchasing the property could continue to keep their money in the cooperative. “The remaining amount of the deposits will be paid back gradually,” he said.

Some amount could be used for completing the housing projects too. “Banks have invested a total of Rs 680 million,” said Basnet.

According to his plan, he would also arrange loans for the depositors who don’t have enough deposits to purchase the apartments or land from banks. The interest rate would be lower than market rate and would be paid every three months, according to Basnet.

He has planned to give the property ownership certificate on competitive basis. There are 150 apartments in Vegas City and 182 in Chakrapath Height. The company has land plots in different places of the valley.

source: The Kathmandu post,25 Feb 2013