By Kamundia Muriithi
Focus Realtors Housing Society Ltd has embarked on a process to help her members acquire and develop plots in Rumuruti town, where Laikipia County plans to relocate its headquarters to next year.
Nelson Mwenda, the society’s manager said the aim is to empower members acquire land for development in Rumuruti region and guarantee optimum benefits.
“We bought this land in 2014 and put it under long term investment for the benefit of our members. However, when we learned that plots in the area started appreciating after Laikipia County thought of shifting her headquarters there, we resolved to sell some to our members,” he said.
Mwenda said each plot measuring 50 by 100 is sold at Sh105, 000 complete with a title deed.
He revealed that the plots which are located a few metres from Rumuruti town can be developed into business premises or rentals.
He said the housing society had purchased 30 acres in the area and has resolved to sell five acres to interested members for development. Already, members have ordered all the plots prior to their upcoming Rumuruti tour.
“After members heard of the headquarters issue, they expressed interest to invest there making the management set and sell plots to them in the first phase,” he said, revealing that cost of similar plots will appreciate in the next selling phase.
Mwenda said all their members are eligible to order the plots and pay in a period of four years. He further observed that paying the plot’s whole amount within one year will attract zero interest. He said the second, third and fourth years of plot payments will attract interest rates of 12 per cent of the remaining payment cash per year.
Speaking to Sacco Review in his office, the manager of the society said to qualify in purchasing of the prime plots, one must be a member of Focus Realtors Sacco, Focus Realtors Housing Society or Focus Realtors Company. He said if a member doesn’t have full amounts to pay for the plots, the Focus Realtors Sacco can contribute 10 per cent and the rest will be financed by the Sacco.
Donata Murugi, the Sacco’s manager said loan interest rates have dropped from the previous 15 percent to 12 percent per year. The move was reached after President Uhuru Kenyatta signed a Bill that capped bank interest rates recently.
During this year’s Ushirika Day celebrations held at Gikuuri Primary School, Focus Realtors Housing society won two awards for being the Most Improved and the Most Active housing society in Embu County. The five-year old housing society is currently operating on Sh52 million capital base.
Sacco Review|The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
