Suraya projects have flopped causing many Kenyans to count their losses in millions of shillings.
This comes as the off-plan investment in real estate is gaining popularity in the nation.
Lynx -Royal Estate a project of Suraya was to be completed in 2014, Investors were paying in installments.
The final installment was to be settled after the keys were handed over.
Suraya has gone quiet on this one and investors have no one to answer their questions. This lead them to record their statements the Director of Criminal Investigations (DCI) on Thursday. These investors also decided to pay a visit to the Suraya offices and get answers one-on-one but all that effort was in vain.
Vibrant housing market and ever-rising rent have created group of young smart investors. These buy apartments off-plan at much lower prices than the market value. Off-plan buying is where you investment or buy a property before it is completed.
It is risky even though it offers flexible mode of payments, and an good chance for a person to own a house at an reasonable rate.
in some instances the developer may halt the project,this should raise a red flag for any investor.
You need to keep on going to the sites every now and then to monitor progress yourself, dont rely on the developers updates alone. Some of the reasoned that halt the project mid-way it is because either there is disagreement between contractors, or lack of money to continue.
Those who invested with Suraya’s stalled project suspect that the firm began too many projects at the same time therefore spreading themselves thin. When financial challenges hit everything stopped.