Fri, April 12, 2024

Impacting Real Estate

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Traditional valuation of wealth in the country is linked to the property you own. In Nepal, the real estate business is a big revenue generating sector and the real estate, renting and business activities data reported it at over Rs 396,877 million in 2020. A property in Kathmandu’s Durbar Marg area sold for Rs 90 million ($750,000) per 33 sq m in 2022, and is comparable as one of the highest real estate values in the world. Nepal Rastra Bank report shows that property value in Kathmandu Valley is increasing at 27.7% a year, doubling real estate value every 3.5 years. However, the sector has yet to be organised professionally in addition to a lot of unregulated buying and selling. There is also a lot of misconceptions surrounding real estate agents and developers and they are often mistrusted.

Santosh Pradhan Chaudhary, Co-founder and CEO of Property 360, saw the need for intervention and dived into the world of real estate to create a business that works with adherence to high level of professionalism. He is working to ensure to build an ecosystem that is transparent, valued and respected.

“In developed countries such as USA, Canada and in Europe real estate agents are regarded as influential and are trusted but in Nepal, any and every one can be a broker,” says Pradhan.

Property 360 was established in 2017. Pradhan says that people buy a house may be once or twice in their lifetime, and he wants his company to provide the best experience for his customers. Property 360’s main agenda is to maintain strict protocol within the legal frameworks of the country and to ensure that transactions are highly safe and secure.

Though there are many existing competitors for real estate companies in Nepal, Property 360 has made the distinction of working in prime localities. “We specialise in offering the best value in the best locations working with trust and integrity to build lasting relationships with our clients,” says Pradhan.

Pradhan says that for the first time in 60 years, revenue has been less than in the previous years. He says, “Inflation, instability and every other aspect has had a drastic effect on all fields and the same goes for real estate. We are sustaining because of our prior deals and arrangements.” He however says that it’s okay to face hardships occasionally as it teaches entrepreneurs how to sustain and survive through challenges while building towards success in the days ahead.

Pradhan is incorporating technology into his marketing especially for clients to have a real feel before the site visits. He says that often this market in volatile because of inconsistent policies that affect access to loans for clients, high interest rates, cumbersome paperwork, among others. Also, there are brokers and dealers who are not certified and in the business for short-term gains that breach the trust of public. 

Pradhan is also working to launch a programme called Real Estate Mastermind that will help agents understand different aspects of the real estate business from a global marketing perspective and provide this career the respect and recognition due to it. 

 “Always ask yourself: Why would you do what you do?” he says to people wanting to make realty business their career, adding, “Start this journey if you are passionate about it and are in it for the long term”.

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MARCH 2024

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