Employees Provident Fund completes housing project

April 1, 2001
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Pokhara, Apr. 1 :The Employees Provident Fund has completed the Pokhara Housing Project launched here two years ago.

The provident fund launched the project with the objective of developing housing plots and constructing low cost core houses (basic structure only) and selling them to its long-term depositors.

Such houses are not complete houses. It will be the responsibility of buyers to adjust window and door frames, complete the bathroom, plaster and painting and install water supply system.

Under the project, housing plots have been developed on the fund’s own 35 ropanis of land at Pardi Pokhara, and 112 houses have been constructed on the plots.

These houses have been constructed as model houses for the first time in Nepal. The construction cost is 40 per cent less than the usual cost of construction, according to ex-director general   of the Department of Housing and  the planner of the project Bhuwaneswor Lal Shrestha.

The 112 houses have been constructed at a cost of Rs 27,400,000.

Acting administrator of the fund Rajesh Rajkarnikar said that the fund itself will take care of the 17 plots of land in front of the housing area for opening consumer shops.

The fund will set up a revolving fund of Rs 1,000,000 in the housing area for water supply, electricity, road, drainage and repair works

The fund has also planned expansion of the housing project to other parts of the kingdom including the capital by assessing the effectiveness of the Pokhara Housing   Project.

The fund also plans to make low interest rate investment in such housing projects through  the private sector on condition that the houses are distributed to the depositors.

The houses constructed under the Pokhara Housing Project are meant for three income group depositors— low income group, lower middle income group and medium income group.

The prices of core houses (to be paid on installments in  ten years) will be each Rs. 295,000 for the low income group, Rs. 435,000 for the lower middle income group, and Rs. 560,000 for the medium income group.

The process for the selling of the houses has begun and  depositors who have applied for such houses are visiting Pokhara to see the houses.