DAILY NAIIION I Thursday; July 16, zozo

MA}+I€A
HOXCS

Howoff-'plan eipert
is fulfilling housing
heeds.of ilrofl[ atuJ
r<higa By EvANS ONGtryAE and Brickstone.
Osoit Gardens Kitengela Estate is
'lomes is
sold out. Loated just off Kitengela-
:urrently t\emand for housing is unmet Namanga Road and nearAcacia Crest
;elling four IV flnplanthe country and the off- Academy, this gated estate offeE
s beautiful view in a cosmoDolitan
mode is helping bridge
tew housing the shortfall of 250,000 units a Vear area, lt comDrises three-bedroom
rrojects One of the propon::nts of this home master en-suite bungalows.
buying option is Mahiga Homes Ltd, Brickstone Garden comprises three-
a Nairobi-based pruperty developer bedroom master en-sulte bungalows
Mahiga Homes has been building in a gated estate built on 105 square
houses within the Nairobi Metropolis metres on Kenyatta Road, Ruiru.
for slightly more than two years Mahiga Homes has so far handed
now. By October it will have:built over four estates. By October, it
11 housing prcjects. lt has, in that expects to add three more to the list
period, handed over eight prcjects
and is on site atthree.
of completed prcjects.
The property developer Es off to j. ::.;... ,
:, Mr Par.trlck Muchoki, the Direqtor, a fast start whh lts maiden proJect -t.kr4q
sats ode of these prqjects, Rockvilla aorneEtone l. lt was planned that Mahlg. hm; dh(td Ml Patlck u, vu.r,oki ,if, ii, firm is flexible '"
l, is almost complete and the handing
over is set for August 8, "We have
already tEnsferre.l individual titles
from Mahiga Homes to the home
buyen would pay for the houses over
12 months. However, the developer
(:ompleted it in half that timd.
Cornerstone tll was the firmis
MuthoH h.nd5 dd m|ffihh tith
tr otthcoitoGtr
to
llffi#11 in helping those with dreams to .
own a home in and around Naircbi
succeed in:their quest.

buyer," he says. cecond project, Constructiori

Kamulu CorneFtdne Garden took
exactly 12 months to complete ai
i, WUltwortilruta.' . The Mahiga Homes Director saysi
'"Come and sit down with us. We'll
Rockvilla comDrises three-bedroom comDletiori'time was set dt 12 uias proposed before construction funtffiwillytul<tor',: workouta plan thatwlll workforyou
master en-suite bungalows, each Inonths, but Mahiga Homes delivered oegan, yauondtrs" , and us." :

sitting on a 40 by 80 plot. This gated the prcject one month earlier. Mahiga Homes is currently selling - Mr Partrick Muchoki, I Mr Muchoki argues that off-plan
nto courts and CorneEtone lV took the property four new off-plan housing projects. Directo[ Mahiga Homes , is "the beEt and most viable rcutF
rea in Joska, 900 developer. seven months to These are: River Front, lo@ted-in to owning;a home - even in 10,000
ndo Road. The complete, againit the set deadline of Ruiru; Rock Gardens I and lli and yeaE to c9me."
ects are Osoit I 12 months. Osoitll,inKitengela. r- l

Ihe Mahiga,process of owning a decent home '

.: .. ..;ir .
ly EVAilS ot{GlvAE and the buyer pays the balance in monthly '.
|[email protected] instalments," the MahiEa Homes Director saw.
. Typiclly, the home buyer is qpected to pay
-he
process of buying a home'through Mahiga equal monthly instalments.
lomes Ltd is clear. The orosoective homeowner The firm then gives the investor a sale agreement -
r always taken through it. "lt is all about that stipuiates what either party ls required to
)roviding (correct) info.mation," says the firm's do untilthe house is fully cqstructed and ready
)irector, Patrick Muchoki. for occupation. These are obligations with cleai
lome buying through off-plan, he ave6, requires specific timelines.
rust between the developer and the investor lt Mr Muchoki says beiore the Covid-19 outbreak,
t a two-wav tEffic. the agreed construction pedod res 12 months.
,4r Muchoki says the process ls a collaboretion Home buyers who paid the required deposit and
rnd the sharing of information is criticl. monthly instalments expected to receive the
'
,4ahiga Homes explains to prospective buye6 ke)5 to their houses at the end ofthis period.
vhatto expectfrcm the beginning all the wayto However, since ttie pandemic hit the world, -
he handing overof the completed house, Mahiga Homes, in consultation with buyeE,.
he property developer takes interested buye6 revised the project completion period to 18
o the ground or site of the housing prcject to months.
'iew the location and also observe the amenities Mahiga Hcmes builds standalone three-
rvailable nearby. "lf they like what they see, we bedroom bungalows in gated estates, ,Mr
h ha ben a wry pleasnt jdrney I haw had with Mahiga fron
live them an offe. letter," savs Mr Muchoki. Muchokiexplainsthatthefirmbuildsthistypeof :- I
'his letter'contains details about the plot, price houses to give families enough bedrcoms nther .' 7 the time | @me. The plae just had bea@ns when t fiEt visited,
Ind the mode of payment. than having them squeeze into two bedr@ms: but lwas @ruirEed to worft with them. Mahiga ho a wry good
We ask for a deposit as a slgn of commitment ttrhniclteam that has been *o*ingto ensure the houF is mdete:
- Jedf K.mufu Cosstoic Gad{'
-----

isn't a bad'idea
By EVAIIS OilGTYAE affordable way to own a home.
Buying off the Mr Patrick Muchoki, a developer,
eoruw*@ke.nadmnPdlacom
plan allows says some People look'beyond:-.
investors to uvins a home is one of life's owning a home and *e the Elue
mosi imoonant decisions. To locked in a brand-new house
lock in the some p@ple, the challenge is they have bought.off-plan'.These ,
price and how to nise a iump sum amount to are .individuals who. invest ln a
-saves luy one while budgeting for other uniir6r more and sell lt once h ls
them ready, making a proflt from their
cmmitments.
from future This situation has given rlse to off invettment'
market shifts theplanhousingprcjects,@mmonlv . off-plin. houses !1:.:]-l::
"I:lowerprices
;;f;tredtousoF-plan.Mostofthese. investment be@use of I'
th ey push
to."t"a th" apital city, quoted before construction and-one money in another property and repayment periods, usuallY for the develoPer i
upF€e. "i"
Nairobi, where"aund
housing shortage can sell at a higher price to make a
continue growing their owneEhip duction the houses will be under
I
I

constructioi. often, the rePayment Covid-19 i

period is negotiable and at zero ated the'
interest, meaning, buYeE PaY only flexibility that off-Plan offer.
the price quoted at the beginning' "Repayment," he saYs, "is not cast
Whereas a olan for the same in stone and it is Possible for both
hdusing prolect shows units to be parties to.adjust this during difficult
identical, individual buYers can times."
decide to customise their uflits Yet another reason why buYing off-
according to their needs and desires. plan appeals to many is because it
The off-olan mode of home buYing offeE them the opportunityto 5elect
gives investors peace of mind the ideallmtion where they want to
because they can concentlate on have a home.

Investing in a house ls a masireventure.Therefore,

it pays to conduct due dlligence at the bginning to
i
notr hava s
lose monev
ng plain mis
rlskine the invested €sh,
- arket bas develope6 with a genulne desire
give
to - -er on their part of the pmmise and
investoc something to smile about at the end of
lhe agred prcject delivery period, They keep their
promise.')i:
Just the sme waY an ocean has its fuir share of
fish and sha*s, so does Kenya! real estate industry.
Some bad elements can also be'found In the
saire market. and so it behoves iniestos to tread
6utiously.
Centum Real Estate! head of sales and marlcting
Gitonga Muriithi has dGwn up a list of tr€asures
that prospective investotr Gn take to prctect their
hard-earned osh.
He 6lls them the ?olden rules
Dlan'. Mr Muriithi urges prcspectiyg.-fome buYeE to
Mr Muriithi advises investoE to adopt an attitude cctullv che€k the credentials of all the involwd
eot
healthv scepticism tomrds off the plan property parties - the developer, the contractor, the
marlGte6. management company and the financieE, among
He beliryes it is wis to "iovest in prime lo@tions otheE.
and never buy off the plan unless you have It ir also advisble to research the market. The
insmcted the site." : burer should seek to know hN much a similar
prcperty would sell or reit out fon lt is also wise to
askuperiened prbfessionals for advice.
The investq has the rsponsibllity to study the
contra.ct keenly for any Estrictioru or 6veats.
Mr Muriithi advises inwstoE to askfor an orsite
lr.
inspection. lf the develop€r has not started work,
p ask for a vislt to their other dfleloDments.

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