The government’s neglect of the real estate sector has affected the entire economy: Malhotra
Kathmandu. Entrepreneurs have said that the entire economy is facing problems due to the lack of vitality of the real estate sector.
Deepam Malhotra, a businessman, said that the real estate business has not been able to run due to various policy problems and the hassles in the banking process, which has affected the entire economy.
‘The decline in real estate, i. e. the lack of business operations, has seen a chain effect in all sectors. Since there is no trading of rods, cement or other materials while building houses or physical infrastructure, its impact has been seen on the overall economy. The Rastra Bank also did not give priority to this business. We said that the loan-to-value ratio should be kept at a minimum of 70 percent. They did it but it was not implemented due to some words. After that, no agency gave priority to real estate,” he said, “I assert that if the real estate sector is ignored, the economy of the whole country will be seriously affected.” Addressing a press conference on the eve of the ‘CG Properties 9th Nepal Real Estate and Construction Exhibition-2083’ to be held at Bhrikutimandap in Kathmandu from September 17 to 4, he said that the government has only given assurances that the businessmen have been hit hard due to the imposition of limitation on real estate.
Bishnu
Kumar Ghimire, president of Nepal Federation of Land and Housing Development Federation, stressed the need of emphasizing the use of modern technology in the reconstruction of houses damaged by the natural disaster.
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