Padma Group is all set to start housing projects in Kathmandu and Itahari with an investment of over Rs 5.5 billion.
The company has said that it will build around 500 units of housing under this project.
The colony, which has started two projects, is building the fifth phase of the housing project at Ramkot, where 300 buildings will be constructed at the cost of 3.5 billion rupees.
This project is sprawling across the area of 126 ropanis of land for which 90 percent of the land has been procured.
Similarly, 200 buildings will be constructed in Itahari under the sixth phase of the housing project at the cost of 2.18 billion rupees.
Itahari is a famous city that lies 25 kilometers north of Biratnagar and 16 kilometers south of Dharan.
The financial activities of the current financial year have increased the capital gains tax from 5 percent to 7.5 percent, so business is becoming a bit more expensive.
Similarly, the monetary policy of the current financial year has stipulated that the real estate mortgage will be valued at 30 percent against 40 percent in Kathmandu and 40 percent mortgage against 50 percent outside Kathmandu.
According to the company, the construction work in Kathmandu and Sunsari will start from the beginning of 2024.
Raju Prasad Kandel is the chairman of Padma Colony Pvt as well as that of Padma Group of companies.
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