The Kathmandu Metropolitan City (KMC) is preparing to impose a fine of Rs23.5 million on the builder of the proposed Kathmandu View Tower (KVT) at Old Bus Park for failing to meet the project deadline.

Jaleshwor Swochchhanda Bikoi Builders Pvt Ltd had agreed to complete the tower by mid-July 2018, but it is nowhere near completing the project with hardly four months remaining for the deadline to expire.

 “The company is certain to miss the deadline. It will have to pay the fine of Rs 23.5 million for this violation,” said Gyanendra Karki, spokesperson at the KMC.

The company had begun the Rs 3 billion project a year ago. Vice President Nanda Bahadur Pun had laid the foundation stone of the 12-storeid tower in November, 2015.

Nearly three years have gone by and there is no sign of the tower yet, Karki said.

“The fine will be imposed to the tune of the annual rent the KMC was supposed to raise by leasing out business space in the tower.”

Builder Manoj Kumar Vetwal claimed 80 percent of the project had been completed. But with only a few months remaining for the project deadline to expire, the company is unlikely to finish the work that is left. “It could take at least another year for the project to complete,” said Vetwal.

Mahesh Kafle, an official at the  KMC, said the project deadline could be extended by another two years.

“The deadline could be extended but the builder will have to pay the fine,” he said.