More than 200 home buyers in Athi River’s Sunset Boulevard Estate are facing eviction from their houses, following a dispute between the developer and I&M Bank.
Auctioneers Monday advertised for auction 204 houses whose value is estimated at about Sh2 billion, putting the home buyers at risk of losing their investment over a loan that they were not party to.
The hammer is set to fall on the houses in two weeks as the bank seeks to recover the loan advanced to the developer, who still holds the title to the entire estate.
Some of the buyers acquired the middle class units in 2017.
Sunset Boulevard Limited, which built and sold the houses, is said to have failed to repay the undisclosed debt with I&M Bank, prompting the auction that has thrown residents into panic.
“Duly instructed by our principals, your undermentioned properties, together with all the improvements erected thereon (two hundred and four units erected on LR NO12867/509-Sunset Boulevard Estate), will be sold by public auction on Wednesday 31st July 2019,” read Monday’s notice by Leaky’s Auctioneers.
The estate built on a 20.2-acre piece of land features a mix of one, two and three bedroom apartments on 23 blocks.
The houses have a market price of between Sh8 million and Sh12 million, which values the units under auction at more than Sh2 billion.
A longer version of this article is found on Business Daily