HFDI, the property development subsidiary of HF Group, has lauded the move by the Government to provide tax relief for Kenyans buying houses under the Affordable Housing Scheme, saying the move was timely.
Commenting on the move, HFDI Executive Director James Karanja said the relief, coupled with the government’s plan to improve housing infrastructure, will lessen the burden for first time home owners.
“Many factors contribute to high cost of properties including cost of funding such housing projects but one factor that has kept the prices of housing high is the stamp duty and the tax relief offer is welcome to the sector,” Karanja said.
Karanja was speaking ahead of the handover ceremony for the home buyers and open day for the Group’s Komarock Heights Phase 1 scheduled to take place on 10th August.
Komarock Heights is a modern development comprising 1272 beautifully designed apartments nestled within Komarock Estate, the development will be implemented in three phases.
Komarock Phase 1 comprises 480 residential apartments with a mix of two and three bedroom apartments in 20 blocks featuring separate dining area, en-suite master bedroom, common shower and separate WC, dhobi areas with enclosed gas cylinder chambers, lifts to all floors, solar water provision to every unit to allow home owners to use sustainable energy for heating their water, handicap accessible units, backup water supply from a borehole, gated children’s playground, and a shopping mall.
“We will be offering a tenant purchase option for new buyers as an incentive to acquire a home in this development,” said Karanja.
Other projects completed by HF Group include Komarock 5A featuring 162 units, Komarock 5B featuring 115 units, K-Mall covering 12,000 square metres, Kahawa Downs featuring 235 units, and Precious Gardens Phase 1 featuring 165 units.
Projects nearing completion include the 248 units Richland Pointe Phase 1 scheduled to be completed by December 2018, the 152 Units Precious Gardens Phase 2 expected to be complete by June 2019, and the 240 units Clay City Phase 1A expected to be ready by January 2020.
Plans are underway to develop 5,000 units under Theta Dam Estate, a mixed use development on 183 acres parcel of land. Others include Clay City Phase 2 to 4 which will feature 1,500 units, Clay City Commercial Centre, and Komarock Heights Phase 2 & 3 featuring 1,216 Units.
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“The demand for housing in Kenya is largely unmet and the government’s effort to produce 500,000 units annually in very welcome and we are ready to support the government,” Karanja said.
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