The private sector has in the recent past played a big role in providing affordable housing for Kenyans in various parts of the country. Real estate companies Finsco Africa and Heri homes have been at the frontline advocating for firms to take advantage of government resources in order to give Kenyans dream homes at affordable rates.
The companies have partnered to launch a new mega project, Legacy Ridges- a housing project looking to provide over four thousand units to eventually settle thousands of residents in Kiambu’s Ruiru town. The gated project sitting on seventeen acres aims at settling a diverse demographic of people from young families to those looking to buy a retirement home.
“This project is immense because we expect about 20,000 people to eventually occupy this space and that is why we are adamant to provide social facilities for potential customers. We are giving Kenyans a real solution for housing and if you look around, you can see that the government has played a very big role by providing road networks, water connections and also the electricity connection through the land. The government is also assisting us a lot in processing land documents for our clients,” said Legacy Ridges CEO John Mwaura.
He stated that the government had created an enabling environment for affordable housing to be realized by building roads, fast-tracking issuance of title deeds and giving rebates on value-added tax and relief on affordable housing for developers.
Legacy Ridges will comprise 4,533 units of apartments of two bedrooms and three bedrooms, maisonettes and bungalows. There will be commercial plots for sale, a proposed petrol station, a supermarket and a hospital and a resort-all on a 200-acre parcel, which is about 20km from the Nairobi CBD.
On his part, the Chairman noted that, “We plan to roll out these units every six months but it could be sooner if the demand spikes. For low income earners, who are in Saccos. We have MOUs with some of these saving institutions and they will be able to give them loans to service for up to 25years. The monthly installment is equal or less than their current house rent.” Said Kimotho Kimani, Chairman Legacy Ridges.
Affordable housing is part of the Big four pillars under the Jubilee administration aimed at giving Kenyans an opportunity to own houses and homes and addressing the housing challenge and living standards among Kenyans.
The Covid-19 pandemic also presented its own challenge economically with most Kenyans unable to continue investing in the housing plan. Since President Uhuru Kenyatta vacated countrywide dusk to dawn curfews, many are looking forward for the economy to bounce back with the Legacy Ridges project an opportunity to realize the affordable housing dream.