Developer Hands Over two Estates In One Day

Mahiga Homes Limited on Saturday afternoon handed two complete estates to their rightful owners.

The projects, built off Thika Superhighway along Kenyatta Road, were been constructed within a period of ten months and comprised a total of 35 master-en suite 3-bedroom bungalow units.

This is the first time a Kenyan developer is handing over two complete projects in a day.

“This hand over marks a very significant step in the real estate industry because it is the first time a developer is handing over two estates within the same time which were started on different dates.” Said Mahiga Homes Managing Director Mr. Patrick Muchoki in his welcoming message. “Today is a very special day as this handover also serves as an evidence why people should trust offplan developments.” he noted.

Offplan developments are growing in popularity in the country with property developers preferring off-plan products that provide them with upfront sales enabling them to evade costly bank loans. It also makes it affordable to clients as quoted prices are usually much lower than the market value and at times, up to 50 per cent less than the price of a completed house. In addition, the houses are also known to appreciate in value even before completion making it an investment with good returns.

“The initial cost of these houses was Ksh 2.95M at the beginning of the construction and their value has rose to over Ksh 6M in value within the ten months.” Says Patrick.

Increased infrastructural developments from roads developments to electricity supply to Nairobi’s outskirts by the government has encouraged many residents to take up off-plan units.