The builder of the proposed Kathmandu View Tower (KVT) could be imposed a fine of Rs. 23.5 million for failing to complete the project on time, reports The Kathmandu Post.
The project was started a year ago with Vice President Nanda Bahadur Pun laying the foundation of the building in November 2015.
- The builders of the project, Jaleshwor Swochchhanda Bikoi Builders Pvt. Ltd. had agreed to complete the project by mid-July 2018 but the project is unlikely to complete in time. So, the Kathmandu Metropolitan City (KMC) is looking to impose a fine on it.
- KMC officials say that the project deadline could be extended by two more years but the builder shall still have to pay the fine nonetheless.
- The project, worth Rs. 3 billion, is a 12-storeid tower to overlook Kathmandu.
What they are saying:
- “Nearly three years have gone by and there is no sign of the tower yet”, said Gyanendra Karki, spokesperson at KMC.
- “The fine will be imposed to the tune of the annual rent the KMC was supposed to raise by leasing out business space in the tower”, he added.
- Builder Manoj Kumar Vetwal claimed 80 percent of the project had been completed. But with only a few months remaining for the project deadline to expire, the company is unlikely to finish the work that is left. “It could take at least another year for the project to complete,” said Vetwal.
Fonepay Signs MOU with NMB Capital as IPO AdvisorHIGHLIGHTS Fonepay prepares to become the first fintech company in Nepal to go public. NMB…
OnePlus Pad to Launch in Nepal on May 29HIGHLIGHTS OnePlus Pad is set to launch in Nepal on May 29, 2023. It is…
Yamaha Ray ZR 125 Hybrid Launched in Nepal: Three New Variants!HIGHLIGHTS Yamaha Ray ZR 125 Hybrid price in Nepal starts at Rs. 2.79 Lakhs to…