Patrick Chitumba, Midlands Bureau Chief
GWERU-BASED land developer, Greynut Investments is giving title deeds to home seekers even before they finish paying for the stands in order to enable them to access mortgage loans.
Under the arrangement, individuals who have paid 60 percent of the purchase price, are given title deeds to enable them to access mortgage loans to construct their houses.
The company has availed 1 049 stands at Bucks Farm along Gweru-Lower Gweru road.
Greynut Investments executive chairman and owner of Bucks Farm, Mr Isaiah Mudzengi said after entering into partnerships with different land developers who were developing stands on his farm, he decided to get involved directly after noticing that potential home seekers were being short-changed.
“The title deeds for the stands we are selling are readily available and once we agree on payment terms with the home seeker, we give him or her the title deeds,” he said.
Mr Mudzengi said several finance houses had embraced the project and were advancing loans to home seekers to build houses.
“If you come in groups such as housing co-operatives, we reduce the prices of the stands.
“We are aware that the market has been hit by lack of disposable income and as such we are offering customer-friendly packages like issuing title deeds to enable home seekers to access mortage loans even before they finish paying for the stands,” said Mr Mudzengi.
Greynut Investments chief executive officer Mrs Teckilar Mudzengi said:
“We are using President Mnangagwa’s first 100 days timeframe to assess our performance in terms of availing stands, title deeds and the subsequent construction of houses by our clients.”
Greynut Investments’ project will complement Government efforts to provide 60 000 housing units in 2018.
Zimbabwe’s housing demand is estimated at 1.25 million units, which is well above what is available on the market.
In trying to support housing development, Government is encouraging private land developers such as housing trusts and co-operatives to partner local authorities in housing development.
Housing cooperatives have managed to construct close to 95 000 housing units between 2010 and 2015 thereby reducing the country’s housing backlog.
Article Source: The Chronicle