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Real estate expo ends, records 214,000 footfall

The fourth edition of Real Estate Expo concluded here today, attracting some 214,000 visitors.

The four-day Real estate Expo 2014 witnessed sales of 54 standalone homes and apartment units worth around Rs 270 million, informed the organiser Nepal Land and Housing Developer’s Association (NLHDA).

“We are satisfied with the response we got as almost all developers received good bookings,” said general secretary of the association Minman Shrestha.

According to the property developers, a total of 1,220 prospective buyers have shown interest in purchasing property. They said homes and apartments in the price range of Rs 4 million to Rs 6.5 million attracted more visitors.

The sector has started seeing some movement compared to some four-five years ago,” said chairman of Nepal Land and Housing Developers’ Association Ichha Raj Tamang said.

Demanding the government to scrap the provision of disclosing income source while purchasing property, he said, that the move will help those wanting to make long-term investment in the real-estate sector.

Earlier, the  government had planned to let non-residential Nepalis (NRN) and foreigners purchase apartments and houses in Nepal but it has not been implemented due to lack of law. The budget for the fiscal year 2011-12 had mentioned about allowing foreigners to purchase houses and apartments. It had stated that foreign individuals and companies would be permitted to buy apartment units worth $200,000 or more.