Urithi Housing Cooperative Society members dreams of owning homes is slowly recovering as the Sacco gradually makes strides to regain footing following years of financial frustration in the real estate sector.
Sacco Founder and Chairman Samuel Maina said most of the financial hurdles brought about by bank disputes and some court cases have been sorted and the Sacco is back in most of its construction sites.
Maina said the bank has now given the Sacco a partial discharge on the Panorama project which has more than 500 plots.
“We have been in discussions with a local bank that had complications with the Panorama Gardens housing project and the matter has been sorted. It was one of the projects giving us problems, but we have reached an agreement between the Sacco, the members and the bank. Panorama plots will now go back to the members, a major breakthrough in the revival journey of Urithi. Those who have finalized their payments will get their plots back,” he told the investors on the site yesterday.
He added that discussions were ongoing with projects such as Osteen Terrace Gardens (OTG), Birmingham and Ruby Gardens among others.
He said the Sacco would soon reach out to all the investors of other projects adding that they were back to many of their construction sites.
“The court cases and injunctions have been withdrawn. Other members of various projects will soon be called into separate meetings to get an update on their projects,” he said.
“We have handed over to members the Utange houses in Mombasa, Juja plains and Gem projects and Rongai Gardens,” he said.
While calling for patience from those whose projects have not resumed, the chairman said they would support all those who have invested in the Sacco to ensure they get the benefits from the projects that they invested in.
In 2019, the Sacco was faced with financial hurdles as creditors, including banks, started hovering over its estimated Sh6 billion worth of assets.
Ever since, members have been struggling to get title deeds, some even having to wait for more than five years. Other concerns have been the slow pace of construction, with members accusing management of pulling out of some of the construction sites.
This prompted members to withhold monthly contributions as others demanded refunds in billions of shillings.
Since inception in 2012, Urithi has undertaken nearly 200 projects, of which 120 have been completed and settled with investors. Another 38 projects have been finalized in the last one-and-a-half years, while the balance consists of ongoing projects.