Living in high-rises will require a new set of social etiquette and new home owners wil have to learn the skills of living in what amounts to a human bee-hive. Once the apartments are handed over to owners, the blocks will be dministered by a board made up of owners and residents.

Maintenance and other expenses are shared, which brings down living expenses even more.

"People want the easy-living lifestyle that a city has to offer," says Shishir Nahata, executive director of Uni-World Infrastructure, which has started constructing Ashirbad Apartments in Gyaneshwor. "If one wants to live in superior locations in the core city area, there is no option but to opt for high-rise condos."

A rapidly growing middle class with a strong culture of home-ownership caused the demand for housing, but the government introduced a new provision calling for real estate buyers to declare their income source for purchase of property worth more than Rs 5 million. "This has had a negative impact on real estate business," says Nahata.

Cityscape, in Hatiban, is coming up with 16-storey apartment blocks with 577 units, the country's largest so far. The flats all have airy rooms, individual balconies and large windows to allow in the sun into every room. Cityscape's Arun Chaudhari says: "Our emphasis is on affordability, safety and comfort. If I were to buy an apartment, this is what I
would want. "

I R Tamang, executive chairman of Civil Homes thinks the real estate business is thriving because it is a relatively safe area to invest in as the number of households is increasing. "The real estate business will continue to thrive as it is driven by demand," he says.

The Nepal Land and Housing Developers' Association, with the Housing and Physical Planning Ministry, has finalised a draft of the Real Estate Act to regulate and monitor the quality of buildings. It estimates that 6,000 residential units worth about Rs 60 billion are being put up annually by real estate developers.

Access to finance is another factor that has boosted the trend towards apartments. The banking sector has come up with competitive mortgage loan schemes with various innovative mortgage products and marketing campaigns, which Tamang says have brought about changes in residential living trends.

Because of all these factors, real estate business is thriving. Nepal Land and Housing Developers' Association is organising a first of its kind Real Estate Expo 2009 in March. Trilokeswor Malla of Direction Nepal says it aims at showcasing and bringing the real estate sector of Nepal to public. He adds: "It is also a branding and sales opportunity for investors and buyers to meet developers, agents and service providers."