AFRF to construct 211 houses by 2016
By Regina Manyara
Alexander Forbes Retirement Fund has commenced a new housing scheme that will see its members own houses at its property development in Kitengela, Kajiado County.
The Fund says quality and affordable housing is one of the challenges facing members with less than 5 percent of those approaching the retirement age having a home of their own to retire to.
At least 200,000 housing units need to be put up annually in Kenya, if the country is to address her citizens’ housing needs.
This is because currently just 50,000 housing units are developed annually against a demand of 250,000 units.
Those most affected by the inadequate housing are mainly from the lower income group.
To address the demand for housing, stakeholders are calling on government invest more in housing as well as put in place measures to regulate the highly lucrative industry.
Alexander Forbes Retirement Fund Director James Olubayi says they have partnered with various partners such as savings and loan and the mortgage company in order to provide concessionary mortgage rates for its members.
In addition he noted that implementation of the new NSSF Act is influencing growth within the private sector following its opt out provision which most employers are keen on.
The Riverine estate is based on a 30 acre prime development area with 211 houses due for completion by the year 2016.