KATHMANDU: The construction of Kathmandu View Tower at the Old Bus Park in Kathmandu is progressing at a snail's pace resulting in delayed completion of the project, informed the Kathmandu Metropolitan City.

Building the foundation for the Tower is in its first phase, said Mahesh Kafle, Chief of KMC's Public-Private Partnership Unit. "The project will not complete on time as the construction is slow," said Kafle.

The project was signed between the Jaleshwor Swochchhanda Bikoi Builders Pvt Ltd and KMC with the completion target of five years on March 6, 2015.

The initial plan was to build a 29- storey building, but the project was reduced to 12 floors following the earthquake of April, 2015. The project will occupy approximately 23 ropanis of land.

The company will have to pay an annual rent of Rs 9.8 million in the course of the construction, and the rent will increase to Rs 23.5 million annually. Royalty will be increased five percent every year. The contractor will hand over the project to the KMC after 30 years.