Aayusha Developers of Oriental Group has received encouraging bookings for its low cost housing project - Eastern Apartment at Kaushaltar, against the perception that housing demand in the capital has gone down due to Nepal Rastra Bank cap on realty loans.

It has already received booking for 175 units of apartments, which is more than 50 percent of the total units on offer, by the second day of the booking on Tuesday.

“We are receiving so many bookings that we have decided to close booking from Wednesday,” said Sudhir Basnet, chairman of Oriental Group.

After receiving bookings, interested buyers will now have to fill the form by paying Rs 10,000 per unit. The registration will continue for four days. The developer will then contact all registered buyers on first come first serve basis from April 12.

“We are doing this to reduce the pressure so that we get buyers who are really interested in our apartments,” said Rabi Budhathoki, head of marketing at Oriental Group.

The developer will refund the amount of the customers who are no interested in the project.

The main catch behind this rush is the price factor. The developer has fixed the price of two bedroom (BR) apartments at Rs 1.38 to Rs 2.06 million on cash payment. It has fixed the price of 3BR apartments between Rs 2,378,250 to Rs. 2,692,000 on cash payment. It has also floated installment schemes of three and five years, which can be paid on monthly or quarterly basis.

Though there is no added interest in this offer, the developer has fixed the price slightly higher in case of installment purchase. It is offering 2 percent discount for government employees and 3 percent discount for Non-Resident Nepalis (NRNs), provided that they pay through legal channels in foreign currency.

Aayusha Developers has offered 312 2BR apartments and 104 3BR apartments in the first phase of the project. The 2BR apartments cover area of 548 sq.ft and 704 sq.ft, while the 3BR apartments cover 940 sq.ft. The construction will start in three months and is expected to complete within three years, according to the company.

“We won´t compromise on quality and everything will be developed as per the building codes set by the Department of Urban Development and Building Construction," said Navaraj Upreti, marketing coordinator of Oriental Group. "Our aim is to provide relief to our customers at this time of recession."

Housing developers generally do not target middle class people due to low profit margin. Oriental Group, however, has been an exception to this rule as it has been tapping the middle class population by offering affordable apartments like Chakrapath Heights and Bagmati Apartments.

courtesy: Ang Sanu Lama (myrepublica)