KIAMBU, Kenya, Dec 23- A new Sh750 million housing project targeting Kenyans eyeing affordable units has kicked off in Thindigwa, a fast-growing area along Kiambu Road in Kiambu County.
Phase two of the Green Zone Housing Project will see the development of a total of 160 units one, two and three-bedroom units that will sell from Sh2.6 million and will be ready by April 2022.
The project is being developed by Krishna Group and has been financed by Bank of Baroda.
Meera Construction Limited, a subsidiary of Krishna Group, said the project is in line with President Kenyatta’s administration ongoing programme to expand citizens’ house ownership through affordable housing.
President Uhuru Kenyatta’s affordable housing programme targets to create 500,000 new affordable housing units.
“Bank of Baroda has financed the project and are ready to give 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 citizens. We have partnered with Housing Finance for buyers’ mortgage loans at negotiated rate of 9 percent so the buyers will pay as little as Sh16,500 per month for one bedroom apartment.”
Jeram said Phase two of the project follows the successful completion of the first phase of the project to build two and three-bedroom apartments at a cost of Sh2.1 billion.
The first phase of the Green Zone Housing Project saw a total of 224 units put up in a two-and- a half acre plot along Kiambu Road-Thindigwa in Kiambu County.
Meera Construction Limited director Priyen Ghaghada said the developer defied the Covid 19 pandemic slowdown to deliver the project started off in 2018.
“We tried hard to deliver the project on time with strict deadlines thanks to our young team from Meera construction Ltd,” said Ghaghada.
“We thank our clients and suppliers who stood by us we will also deliver phase 2 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 1, 2 and 3 bedroom units will be constructed in phase 2 of the project.
Kenyans can own the 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.