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Urithi Housing Co-operative Society Attempts to Explain About Projects Alleged To Be Up For Sale

Urithi Housing Cooperative Society Limited Chairman Samuel Maina. [PHOTO/ COURTESY]

Urithi Housing Co-operative Society Ltd has refuted claims that two of their projects are been delayed over conflicts with the vendors.

In a public notice issued on Thursday, Urithi said that one of the projects which was faced with controversy, the Panorama Gardens, was cleared after negotiations with the Bank and members of the project.

“The property was acquired through a Bank loan with a five-year repayment plan. For the past three years, the facility has been regularly serviced. Following a fruitful deliberations between  the Urithi Secretariat, the bank and members of the project, an amicable solution was arrived at on the clearance of the balance,”read the notice in part.

Read: Britam At The Brink Of Exiting Real Estate Market, Now Offsetting Prime Properties Worth Ksh6.5 Billion

Initially, it was reported that the land was up for sale through Nairobi-based Antique Auctions Agencies with a 45-day notice for redemption, to offset a debt of Ksh263 million.

Another project which was affected was the Olive Tola 3 & 4, where developers were said to have been kicked out by the original vendor, claiming that he was yet to be paid his full amount.

Responding to the allegations, Urithi said that an agreement had been reached upon by Urithi and the vendor, hence the conflict was resolved.

Read: Real Estate Moguls, Suraya’s Ksh384 Million Lavington Houses Put Up For Auction

“Meetings held between the Urithi’s Secretariat and Members of the project have recommended and agreed on the acceleration of payments to the vendor. This has been ongoing process which culminates to the issuance of title deeds,” added Urithi chairman Mr Samuel Maina through the notice.

The Real Estate company indicated that they had so far, since inception, issued over 7,121 title deeds to investors.

“Despite the challenges, through this model, Urithi has been able to complete and hand over to our members houses from as low as Ksh495,000 for self-contained studio apartments, to Ksh3.6 million for a three bedroomed bungalow on its own compound. These include Own A Room project in Juja, Springs View Estate project in Thika, Juja Plainsview Estate in Juja, GEM I in Witeithie and Lanet Homes in Nakuru,” added Maina.

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Francis Muli

Written by Francis Muli

Senior reporter at Kahawa Tungu, Muli has a passion for human interest stories. He believes in unearthing societal rots that have been hidden from the public eye. He has also carved himself a niche in writing business stories. He has worked for various organisations including Kenya Television Service, Business Today among others. Follow him on Twitter @FmuliKE.
Email: mulifranc2@gmail.com

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