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About the Division:Real Estate

Brief back ground

Real Estate division is a part of investment department dedicated to land and buildings. It operates under the purview of the Executive Order, July 1, 2002, Prudential Regulations, Home Ownership Policy 2014, Investment Policy, 2014, Housing Management Rules and Regulations, 2013, Maintenance Policy, 2016 and its annual plan and programs. Its primary objectives are to ensure prudent investment in real estate and excel in construction and building management. Currently, NPPF holds around 52 acres of land of which 50% have been developed and 89 residential buildings and 3 commercial buildings worth of Nu 714 m at book value. Real Estate division contributes around 4% of the annual income. In spite of the fund provision up to a maximum of 15% of the NPPF fund size, the division has utilized only 7% as of date, signifying enormous responsibility and opportunity for the division.

The focus of the real estate development has been changed from a kind of fulfillment of a corporate social responsibility of building residential building to more revenue generating projects. The major thrust would be on building state-of-the-art office spaces and commercial centers to maximize returns. NPPF aims to create niche market especially in Real Estate business and wants to be a pioneer in the areas of quality, architecture, real estate management and facilities.

Apart from acquiring land and building commercial houses, equal focus and attention need to be made to improve building/colony management for greater economy and efficiency.

 Currently, two residential buildings consisting of 56 units are being constructed in Phuentsholing, and is scheduled to be completed in mid-2018. Similarly, construction of one 16-unit residential building at Samdrup Jongkhar, and one commercial building in Thimphu is underway, and are scheduled to be completed in November 2016 and May 2017, respectively.  Member Home Loan is one scheme to which real estate is providing additional facilities, such as designing and collaborating in building, to its potential members.  The details of the Member Home Loan Scheme with the involvement of real estate division is appended hereto.

A few more construction of commercial buildings in Thimphu and Gelephu will commence in 2017.

The division has a total of over 30 employees including maintenance staff.

Structure and Composition

Headed by a chief, the division consists of three sections: Operations and Management, Engineering and Projects and Gongzhu Housing development section.

RE Organogiam

MEMBER HOME LOAN SCHEME DETAILS

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