The government has announced to have raised Sh 536million in deposit from the sale of its first affordable housing units located along Park Road in Nairobi.
The Park Road project, whose construction started in April 2019, is the first low-cost housing development to be completed by the national government under the Big Four’s 500,000 unit Affordable Housing Programme. The 1,370 low-cost houses consist of 546 three-bedroom units of 60 square metres selling at Sh3.55million. There are also 260 three-bedroom units measuring 80 square metres each selling at Sh 4million each.
Park Road project
The new units come with social amenities, including parking, rooftop gardens, running track, solar water heaters. The ministry plans similar projects in Shauri Moyo and Starehe, which will bring in another 8,000 units. The government has also put up for sale 228 two-bedroom houses selling at Sh 3million, and another lot of 252 units selling at Sh 2million each. These houses target those earning up to Sh50,000 a month. There are also 84 units of one-bedroom houses selling at Sh1.5 million, which target those earning about Sh20,000 a month.
Individuals looking to buy the houses must register on the BomaYangu online portal, and are required to be Kenyan citizens with proven ability to buy via a transparent and accountable manner. Principal Secretary for Housing and Urban Development Charles Hinga said that all the buyers have put the required 12.5% of the total cost of the units of choice.
The interested parties will also be required to commit how they will finance the balance either through pay cash or mortgage. For those who cannot afford to pay cash, the national government has negotiated a reasonable mortgage deal with various banks, where people can go and inquire for a pre-approval for the balance.
