• The project sits on more than 400 acres piece of land in Ruiru.
• Phase 1 enjoys affordable pricing as low as Sh2 million for an eighth of an acre.
Image: FILE
The National Co-operative Housing Union (NACHU) has launched an ambitious strategic plan to deliver at least 125,000 affordable housing units in Kenya in support of the Big 4 Agenda.
So far Sh142.1 billion has been allocated in the financial year 2021/22 to support implementation of priority programmes under the “Big Four” Agenda, in various Ministries, Departments and Agencies.
NACHU has partnered with Finsco Africa as a strategic marketing and project management partner in one of its mega multi-billion projects dubbed Riverline Ridges.
Finsco's CEO John Kogi said on Thursday the firm and the union have initiated a program for financing landowners to build homes by providing linkages through joint venture programmes, affordable local financing, international financing amongst other structured partnerships.
“We have faith to deliver the targeted units within five years for those in need. This is a goal we will achieve,” said Mwaura.
NACHU is the leading affordable housing provider in Kenya, delivering strong growth in housing solutions to transform people’s lives for close to 42 years.
The project sits on more than 400 acres piece of land in Ruiru where phase 1 enjoys affordable pricing as low as Sh2 million for an eighth of an acre.
“Low pricing rates has immensely rallied Kenyans behind the Riverline Ridges project which is evident by the near completion of phase one within such a short period of time amidst a pandemic a clear indication of the insatiable appetite for affordable housing in Kenya,” said Nachu’s Chairman Francis Kamande.
He said to date, NACHU has facilitated the construction of more than 30,000 low cost housing units for Kenyans.
The Big 4 Agenda on affordable housing has faced challenges such as costly end user financing, loopholes in the regulations and policies that support easy cost of land, sectional ownership and bilateral investment options for landowners.
However, progressively through the government there have been deliberate efforts to support key players of the affordable housing agenda through the harmonization of policies between the national and county governments, infrastructure development across board through the tarmacking of both urban and rural roads.
The roads include the Mombasa Road Express Way, Thika Superhighway, Mombasa Road, Ngong Road, Eastern by-pass, Outering Road, connection roads that cut through Kisumu, Kakamega and Kitale, The Isiolo- Moyale Highway that passes through Marsabit, Dongo Kundu Road in Mombasa amongst others.
“The implementation of the new finance bill that is strongly enabling end user financing and the Housing bill that is supporting sectional ownership is good to us,” said Mwaura.
This creation of a conducive environment has prompted NACHU to be a key player in solving the challenge of cost of land by dealing with large-scale land to provide Kenyans with very affordable prices for both land and housing.
Phase Two of the project was recently launched and it will primarily major in the end user financing for housing development for up to 20 years, which will devolve to Machakos, Nakuru, Kajiado, Mt Kenya region counties, Kisumu, Nairobi, Kilifi, Mombasa and the Western region of Kenya.
Riverline project is cushioning the real estate investment market amidst the Covid-19 pandemic proving without doubt that the affordable housing programme is strongly being realised with the support of the government and all its relevant stakeholders.