A Sh750 million affordable housing project targeting low income buyers has kicked off in Thindigua, Kiambu County.
The area is part of the Nairobi metropolis. Phase two of the Green Zone Housing Project will see the development of 160 units - one, two and three-bedroom units with a starting price of Sh2.6 million.
Meera Construction Ltd, a subsidiary of Krishna Group said the houses will be ready by April 2022. The project is being developed by Krishna Group and financed by Bank of Baroda.
Meera Construction said the project is in line with President Uhuru Kenyatta’s programme to expand home ownership.
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The affordable housing programme targets to create 500,000 new housing units. “Bank of Baroda has financed the project and is ready to give a long-term mortgage to our clients,” said Meera Construction team leader Suraj Jeram.
“We are playing our part to support the president’s noble affordable housing development agenda for our citizen.”
“We have partnered with Housing Finance for buyers’ mortgage loans at a negotiated rate of nine per cent so that the buyers will pay as little as Sh16,500 per month for a one-bedroom apartment,” he added.
Mr Jeram said phase two of the project follows the successful completion of the first phase to build two and three-bedroom apartments for Sh2.1 billion.
The first phase of the Green Zone Housing Project saw 224 units put up in a two-and-a half-acre plot Thindigwa, along Kiambu Road, Kiambu County.
Meera Construction Director Priyen Ghaghada said the developer defied the Covid-19 pandemic slowdown to deliver the project started in 2018.
“We tried hard to deliver the project on time with strict deadlines, thanks to our young team from Meera construction Ltd,” said Mr Ghaghada.
“We thank our clients and suppliers who stood by us we will also deliver phase two of the project on time that’s our pledge.”
The units in the first phase have premium finishing with fully fitted kitchens, solar water heater, swimming pool, childrens’ play area and high-speed lifts, in line with green and sustainable buildings standards.
Security has been beefed up for residents using electric fences, CCTV surveillance cameras, security guards and a controlled entry and exit system, to suit global security standards.
Apartments of one, two and three-bedroom units will be constructed in phase two of the project. Kenyans can own affordable houses through three ways including cash, mortgage, and tenant purchase.
According to a 2016 World Bank report, Nairobi County has an annual housing demand of between 150,000 and 200,000 housing units, yet only about 15,000 development applications were submitted in 2013.
Kenya has a housing deficit of over two million units, with nearly 61 per cent of urban households living in slums.
This deficit continues to rise due to fundamental constraints on both the demand and supply side and is exacerbated by an urbanisation rate of 4.4 per cent, equivalent to 0.5 million new city dwellers annually according to the World Bank.