Saturday, April 20, 2024
Home > Business & Finance > Housing PS launches Sh.11 billion affordable housing project

Housing PS launches Sh.11 billion affordable housing project

The  Big4 agenda on housing has received a shot in the arm with the launch of Migaa housing project  which targets to make low income earners homeowners.

The Ministry of Housing, Urban Development and Public Works Principal Secretary (PS), Charles Hinga  over the weekend launched a Sh.11 billion project at the new Migaa estate.

The  project is being developed by Samara estates in conjunction with Safaricom and Shelter Afrique and is expected to have 1,920 housing units.

The houses are being constructed by the China Syno Hydro Building Company and it involves the building of affordable houses of as low as Sh. 1 million to be owned by Kenyans earning salaries of less than Sh.20,000.

“The quickest journey out of poverty is ownership,” said Hinga, insisting that houses have always and will forever be one of the few appreciating assets.

The PS added that of the 47 million people in Kenya there are only 25,000 mortgages of which 17,000 are not market-based since they are given by banks to their staff at specific rates.

Hinga said statistics show that 92 percent of people in Nairobi rent houses for two reasons, either they prefer renting to buying or that they cannot just afford buying and owning houses.

“Article 43 of the Constitution states that every Kenyan has a right to decent housing and adequate basic sanitation,” said the PS, adding that the project is not synonymous to ugly and poor quality house but decent and good quality at cheaper prices.

He also pointed out that with the ambitious programmes in education and health there will be no room to channel government funds in building of houses hence the partnership with private sectors to fund the project.

“Ownership is important for it is the surest retirement pension,” highlighted the PS, urging Kenyans to own their homes since the biggest expense is paying of rent.

Also  present at the launch was Bishop Mark Kariuki of the Deliverance Church of Kenya.

By  Calisto Wafula/Joseph Ng’ang’a

Leave a Reply