By James Wakahiu
Real estate developer, Urithi Housing Cooperative Society has dispelled fears that the Multibillion Organization is financially impotent but admits that business has significantly degenerated as a result of the Covid-19 pandemic.
Urithi Housing Cooperative Chairman Samuel Maina confirmed that the company is still on course to deliver pending projects to its members this year even as the sector continues to stagger from the shocks of the pandemic.
The organization top brass says it has shifted focus to delivering pending projects leaving the new ones at bay since the market prospects are not promising.
Speaking in Mombasa during a ceremony where the Sacco handed over about 100 tittle deeds to property buyers, Mr. Maina assured his members that all pending projects will be completed in the next six months.
“In the coming few months you will see us delivering more than even doing marketing and selling. We want to finish our projects so that they can be off our back,” added Maina.
“The organization is owed more than 2.5 billion shillings and this has contributed immensely in the economic deterioration, we are therefore urging our members to pay their dues in time,” said Maina.
Real estate sector significantly suffered economic down turn this year as a result of Covid-19 pandemic which has continued to ravage and weather the economy.
Mr. Maina said that they will continue delivering projects to investors since it is their duty. However, he added that they will give members enough time to clear instead of auditing their properties.
The delivery of projects comes as members raise concerns over delays in acquiring the important documents to prove ownership of the lands.
Beneficiaries of the tittle deeds applauded the company for delivering the project in time. The cost of acquiring land at the Coastal region has continued to increase as a result of overpopulation and the rising demand for land.
Speaking to Education News, Juliet Karagu was elated to have finally seen her dreams of owning a land come. She said that she acquired the property at Sh. 2 million courtesy of Urithi Sacco.
The government allocation of a whooping Sh. 15.5 billion into the ambitious Affordable Housing Programme, key sector players have welcomed the development, optimistic that it will stimulate and spur the sector economy which is reeling from the shocks of Covid-19 pandemic.
The Covid-19 period has seen input prices rise with importation of essential construction materials becoming expensive, increasing the demand and therefore creating a new challenge for future developments.
“This can stimulate the property economy that is stagnant owing to economic shocks orchestrated by the Covid-19.This is a very significant move if implemented well,” said Benedict Mutuku, the Executive Director, Goldwyn Consult Company.
This is nonsense.. covid 19 came the other day.
We have waited for 5 yrs.. where was covid those years?
Urithi is a scam!!!!