With a local bank putting up for sale one hundred acres of land belonging to Urithi Housing Co-operative Society, the housing bubble for one of Kenya’s leading real estate developers appears to have burst, and left thousands of its members in a quandary.
Urithi is one of the major developers who emerged to cash in on the Kibaki-era housing boom and which saw several gated community enclaves emerge in both Nairobi and its metropolis.
In its untroubled days, Urithi developed several properties and gave titles to its members.
Now, two of Urithi’s housing ventures are in trouble — one is up for sale while developers in another property in Thika have been kicked out by the previous owner who says Urithi failed to pay him the balance.
The Urithi case echoes that of many other developers who have been left with properties they cannot sell, and loans they cannot service either due to poor projection, mismanagement or a housing crunch.
This article first appeared on DN