First-Ever Integrated Cooperative Settlement

The Mechi Cooperative Society in Damak, Jhapa, has informed that it has started the construction of an integrated model cooperative settlement for the first time in the East.
The project aims to cater to those who don’t own a house anywhere in the country and can pay for their house loan in instalments. The housing project will offer accommodation ranging from Rs. 4.3 million to a maximum of Rs. 5.1 million.
During a press conference, Narayan Prasad Bhattarai, Chairperson of the cooperative, informed that 52 houses would be built in Damak Ward No. 4 sprawling across 1 bigaha 16 kattha of land.
The cooperative will initially charge 15 per cent of the cost price from the members of the cooperative and the house will also be sold in 20-year instalments to those who can’t pay the lump sum amount.
According to Bhattarai, more than 50 per cent of the houses have already been booked. “The one-and-a-half storey houses will be replete with all the necessary infrastructures including sewage system, drinking water, telephone service, and so on.”
Talking about the housing facility, Manager of the Cooperative Khom Prasad Bagale said that none of the houses will be sold for commercial purposes. “For five years after buying the house, the owners can’t sell their property. However, even after five years, they can only sell the house to cooperative members,” he informed.
According to Dilli Prasad Neupane, coordinator of the Cooperative Settlement Construction Committee, the land for the project was acquired about four years ago.
“Since all the structures within the project boundary are being constructed simultaneously, people can buy well-facilitated houses with less investments,” added Neupane.
By Neupane’s estimates, the keys to the houses will be handed over to the members by the end of August 2022. The cooperative has around 8,000 members with a share capital of about Rs. 290 million.