Comfort Homes real estates, a leading company in land selling in the country, yesterday shared its opinions on affordable and social housing, which was implemented by the Kenya Kwanza administration through the economic transformation agenda.
Its Chief Executive Officer, Dr. Hezekiah Kariuki, stated that the affordable housing project will benefit many Kenyans by enabling them to acquire homes at affordable prices.
Dr. Kariuki noted that the real estate sector has been collapsing due to factors such as inflation, soaring costs of commodities, prolonged drought, and headwinds forcing industries to reduce production and employees.
The leader in land selling urged the government to support the private sector, stating that a rebounding private sector will help drive inclusive growth and accelerate poverty reduction, thus boosting revenue.
The real estate company has created numerous job opportunities, directly employing at least 400,000 people and indirectly supporting 300,000 jobs. “Killing what we have is sabotaging our economy. Why are we enemies of ourselves in Kenya? Demolishing what can benefit our country is hypocritical,” Kariuki disclosed.
Real estate practitioners have to tighten their belts after Kirinyaga Central Member of Parliament, Hon. Gachoki wa Gitari, raised a motion in parliament for real estate companies to register with a capital of Ksh 500 million.
“We are distressed by a motion taken to parliament by Hon. Gachoki wa Gitari, contending five hundred million shillings for the registration of a real estate company. The lawmaker is showing impunity to land sellers, which is unethical and absurd,” Dr. Kariuki said.
Kariuki is calling on the government to intervene and find a long-term solution to sanitize the real estate industry, citing corruption and poor custody as the main issues contributing to its downfall. Poor record-keeping in the registry and barbaric processes in land acquisition are also highlighted.
The real estate bill, if passed, will affect both the rich and the poor. Leaders should rethink and be realistic in matters relating to the common mwananchi.
“I am asking our President H.E. Dr. William Samoei Ruto to condemn that bill of real estate because I believe many companies in this sector will close doors, many Kenyans will lose jobs, the government will lose revenue, and poverty levels will increase. We have a pivotal role of building and reshaping our country but not demolishing,” he stated.
The Comfort real estates boss expressed full support for the affordable housing initiative by the Kenya Kwanza administration, which not only creates job opportunities but also gives hope to many Kenyans of owning affordable houses.
