Developers attracted to scenic city owing to its natural beauty, favourable climate and tranquil environment

At a time when most parts of the country, including the capital, have been witnessing slow-paced momentum in the real estate business, Pokhara has Pokhara has come up as a potential region. Of late, Pokhara has become apple of real estate developers' eye, with number of them gradually considering Pokhara as a potential market for investment. In recent years, some of the capital-based real estate develop ers have also shown interest in Pokhara, besides the local ones.

CE Construction and Roadshow Real Estate Pvt Ltd are the two capital-based developers who have hardship they experienced during the initial phase of the project, he shares, “People weren't quite ready to accept the new trend of housing back then.
But now customers are much aware about the comfort and convenience ventured a couple of real estate projects in Pokhara.

Fishtail Residency of Annapurna Devel opers is also one of the leading players in the local real estate market. However, the introduction of hous ing in the scenic city of Pokhara is accredited to KC Construction Firm for launching Pokhara Homes some 15 years back at Gharipatan, Pokhara. Its natural beauty, favourable climate, tran quil environment, famous tourist destination, and easy access to airport are some prime reasons for developers being attracted to Pokhara.

Despite the immense potential, the real estate sector in Pokhara is also riddled with number of challenges -political instability and home loans pose serious hurdles, according to developers.

Tej Baniya, operation in-charge of Pokhara Homes, informs that they have already handed over 54 standalone houses in the first phase of the project by January.

Reminiscing the related to housing colonies.“ He adds that these days they are receiving good response from the market. He further says, “The completion of the project was delayed because it was launched during the insurgency.“

Roadshow has started the Deep Housing project at Deep in Pokhara from January, 2012, which spreads over 62 ropanis. The project is designed for 108 individual houses and an apartment consisting of 40 units. The company is constructing 62 independent houses in the first phase. Suman Kumar Gurung, branch manager of Roadshow, says, “With the growing popularity of housing colonies, we've been receiving impressive enquiries as well as bookings,“ adding 64 individual houses have already been booked.

Gurung says that the situation is getting better when compared to last year. “The situation of real estate in Pokhara is progressive and we are optimistic about the days to come,“ he articulates. Deep Housing is providing high-end fully furnished independent houses at Rs 14.8 million to Rs 19.8 million, depending on size and designs.

Considering Pokhara as a potential market, CE Construction has introduced their project outside the valley for the first time. Bijay Rajbhandari, chairman of CE Construction, says, “To utilise the land bank and provide our expertise, service and products, we have recently initiated pilot project of Annapurna Residency at Taalchowk, Pokhara.“

According to him, they will set up 20 apartments, 10 affordable and high-end standalone houses initially to get a reading on the market response. “We are conducting the projects in partnership with the local landowners and will make future plans depending on the feedback from the market,“ he adds.

President of Gandaki Land and Housing Developers' Association, Yadunath Adhikari says that the interest shown by real estate developers in Pokhara will be fundamental in the development of the city. Stating that there were only two housing projects previously, he asserts, “Recently, a couple of new companies have shown interest in investing in Pokhara. This is indeed a positive sign that Pokhara has now come under the investment radar of nonresident Nepalis, Kathmanduites, and even foreign nationals.“

Adhikari says, “With the increasing demand for land, the price has soared up at an alarming rate.“ Baniya states that with the boom in real estate in Pokhara, the price of independent houses that were priced at Rs 5.5 million some 10 years back, are put up in the market for thrice as much.
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source: the himalayan times,19 May 2013