Langata phase VI project gets underway

NHC sold Langata phase 1 units at Sh3.5m each

NHC sold Langata phase 1 units at Sh3.5m each

The National Housing Corporation (NHC) has embarked on construction of 80 two-bedroom apartments in the sixth phase of its housing development in Lang’ata, Nairobi.

The Langata phase VI, which is slated for completion by end of the year, is situated on the junction between the Southern bypass and the link road from Otiende Road junction about 10km from the Nairobi city centre.

The project will push the number of houses built on the state corporation’s 25-acre parcel of land to 895.

The homes, which will sit on 1.5 acres, will be sold for Sh6m each under the tenant-purchase scheme which requires buyers to deposit 10 per cent of the cost with NHC and paying the balance within 20 years through monthly remittances.

NHC managing director Henry Maina said: “The main objective of the development is to provide decent and affordable housing units while optimising the use of scarce urban land and blending favourably with the environment and existing structures.”

READ: NHC’s bold plan for affordable housing in Kenya

The corporation sold Langata phase 1 units at Sh3.5m each and the current price tag of Sh6m underlines the rapid capital gains enjoyed by property investors in Nairobi.

The NHC’s tenant-purchase scheme is a departure from the traditional ways of buying a home in that buyers pay the 10 per cent deposit and move into the new houses as soon as construction is completed.

The buyers then pay the balance in monthly instalments that are often lower than the prevailing rental charges.

The homes under the scheme are usually in so high demand that Lang’ata phases II and III were sold long before their groundbreaking ceremonies.

The units were sold for Sh4.3m and Sh4.5m, while those in phase IV and V were sold for between Sh4.6m and Sh4.9m.

Since its establishment in 1967, NHC has built over 43,000 houses across the country.

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