The much talked 29-storey View Tower in Kathmandu is going to come into reality.

Vice President Nanda Bahadur Pun on Wednesday laid the foundation stone of the building at Old Bus Park.

The tower is going to be built under the Public Private Partnership (PPP) between Kathmandu Metropolitan City and Jaleshwor Swachchhanda Bkoi Builders Pvt Ltd. Ownership of the building, which is to be constructed in two phases, will be transferred to the KMC in 30 years.

Speaking at the programme, Vice President Pun expressed confidence that the building will be completed in the stipulated time. “The Valley has less area but the higher population density. In order to manage this pressure, making this type of building for housing, commercial and other purposes is inevitable. This multipurpose tower will be an alternative for managing these all,” he said.

The tower, which offers the best view of all sides of the Kathmandu valley, is supposed to attract domestic as well as foreign tourists. At the programme, Kunti Kumari Shahi, state minister for Local Development, said the building will be a model in the country.

The building construction is expected to cost as much as Rs 7 billion and will provide employment opportunities to 5,500 people.

Likewise, KMC Chief Executive Rudra Singh Tamang said the project is going to be one of the largest ones undertaken since the April 25 earthquake. He also said that the partnership has opened the door for PPP in other sectors as well.

The tower, which will be spread over 23 ropanis of land, is set to be a modern building with international standards and traditional embalm.