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With both spouses working, an apartment lifestyle matches the needs of a modern family better. Retired and older couples with children who live abroad also prefer flats since upkeep of individual houses is a hassle. But many have bought apartments as an investment, and not necessarily to live in.
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"Families are switching from big houses to residential complexes because of convenience and facilities they provide," explains Sudarshan Joshi of Valley Homes. In addition to basic amenities, including uninterrupted power and water supply, apartments offer well maintained gardens, parking spaces, playgrounds, fitness centres and several other facilities. Choosing an apartment over building a new home relieves families from the trouble of single-handedly supervising the construction of a house and worrying about utilities and security. Since residential complexes have to follow strict safety and quality standards, they can be expected to be more secure than personal homes. But with apartment buildings rising in almost every neighbourhood, building just a match-box structure is not enough. Developers are upgrading their materials and paying greater attention to designs and interiors.
"Developers now have to put extra effort into designing apartments which offer not just a place to live but a lifestyle," says Bikash Rana of Imperial Developers. Located at Sanepa Height, the seventeen-storey high Imperial Court is home to 100 apartments, with four penthouses.
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Designed by noted architect Siddharth Gopalan, who was earlier involved in Valley Homes project, the building has four towers, each with its own entrance and two lifts in each tower. Imperial Court is also one of the few complexes with a water pump that reaches the top floor in case of fire. "Apartments need to be designed in a way which ensures the privacy of the residents while also promoting a sense of community. Therefore we only have two apartments per floor," says Gopalan and adds, "while each apartment is unique in design and character, all the rooms at Imperial receive plenty of sunlight, have verandas, and are equipped for fire safety."
Apartments used to cater to the urban middle class, now developers are tapping the market for luxury apartments with world class interiors for both locals and expats.
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Amol Chandra Pradhan of Central Park Premium Apartments has noticed a visible change in the tastes and standards of consumers. He explains, "Urban Nepalis today are willing to pay large amounts for apartments. They have also become more demanding and insist on attractive interiors, privacy of individual units and quality services." Central Park had hired Canadian architectural firm ARCOP for their designs.
Developers are now waiting for implementation of the policy which will allow foreigners to purchase apartments worth over US $200,000. The apartment industry is also hoping for a policy that lets non residential Nepalis buy apartments which in turn will greatly boost the demand for premium housing.
See also:
The state of real estate
