Kathmandu: Real estate and housing entrepreneur Deepak Malhotra is set to build a hotel-integrated apartment complex in Tokha, Kathmandu.
Through his company, Hotel Shahenshah International Pvt. Ltd., under the IMS Group, Malhotra will construct a mixed-use residential apartment project in Tokha.
The company plans to invest Rs 2.02 billion to develop apartments alongside a hotel facility.
The project will feature 90 residential apartment units, and in the same area, the company plans to construct a 25-room hotel in a separate building.
Initially, the company had planned to build the hotel and operate it directly. However, that plan has since changed. The company now intends to lease the hotel building to a third party and generate income through rental revenue.
The combined hotel and apartment project will span 2.13 hectares of land.
The company has already received approval from the Department of Land Management and Archives, but it has yet to obtain clearance from the Kathmandu Valley Development Authority (KVDA), which it claims has delayed the project’s commencement.
For the hotel construction component, the company has undergone a rating for Rs 2.26 billion, with a 60:40 investment ratio. So far, the company says it has managed Rs 1.20 billion out of the targeted Rs 2 billion loan required for the project.
Comment Here