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investment on department under risk due to delay in guidelines for repair
21 Aug 2015

KATHMANDU, Aug 19, Investment of billions is under risk with the government failing to bring guidelines about repair and maintenance and construction of apartment buildings destroyed due to the earthquake almost four months ago.

Entrepreneurs are unsure about what to do as they can start repair and construction only after the guidelines is implemented. The government had stopped repair and maintenance of apartment buildings and structures of public importance by the entrepreneurs on their own on May 21. The entrepreneurs had got losses in the apartments evaluated by third-party experts three months ago and have already submitted the report to the Department of Urban Development and Building Construction.

The department had issued yellow and red stickers to the apartment buildings depending on the losses suffered and has banned people from living there and selling of the apartments. President of Nepal Land and Housing Developers’ Association (NLHDA) Ichchha Raj Tamang says the government has put investment of billions under risk by prohibiting repair of apartments. “The entrepreneurs have been hit hard as repair and sale of apartments could not be resumed with the government not bringing the guidelines. He reveals that apartment developers suffered losses of around Rs 19 billion due to the earthquake. They have invested around Rs 400 billion in apartments.

Read full:  http://www.karobardaily.com/2015/08/9542/