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Housing Finance launches new scheme to deliver adequate housing

20 March 2014, 10:39

Nairobi - Housing Finance Group has unveiled more than 50 home construction designs aimed at delivering access to quality and affordable housing to the middle and lower end consumers in the market.

The designs, according to the finance house, will offer a seamless end-to-end building solution involving consortia of building professionals and Housing Finance.

The consortium of professionals will include a team of architects, project managers, quantity surveyors, legal advisers, civil and service engineers and contractors.

Housing Finance Group Chief Executive Officer, Frank Ireri, speaking during the launch, noted that the demand for housing in Kenya was high driven by the growing population and rapid urbanisation.

Additionally, Ireri noted supply of affordable units fell short of demand, a situation that had been exacerbated by inadequate supply of affordable stock of housing units.

Overall, the growth in middle income brackets had created a huge demand that had not been sufficiently met.

As such, Ireri said the firm would roll out innovative products as part the firm’s strategy to deliver a smooth, flawless and convenient process to the customer.

“Makao seeks to address the key challenges home owners undergo during the construction period which include poor supervision, cost overruns and inflated building costs, fluctuating prices of materials, delay in completion of project, poor quality materials, theft of material, diversion of construction funds and unqualified fundis,” said Ireri.

Ireri said poor workmanship and use of low quality material often led to higher maintenance and repair costs that nullified any initial savings of home construction.

“One of the notable differences with Makao is that the home will be delivered within an agreed time period, comes with fixed costs and is quality assured,” said Ireri.

The home construction designs will include a Kshs 1.6 million design targeting the lower end of the market.

The more than 50 Makao designs come with details on design, pricing, built-up area, construction period and proposed plot size.

Housing Finance customers will also access 100 percent financing.

– CAJ News

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