Cooperative to auction loan defaulter’s houses
Thursday, April 2nd, 2020
Real estate developer Urithi Housing Cooperative Society plans to auction houses of members who have failed to make payments to new members.
The move is meant to raise Sh1.5 billion to complete many of developer’s stalled projects spread across the country and to give returns to compliant members.
This means members who have partly funded the development of their houses now have 21 days to finish off paying or risk losing them.
Urithi chairman Samuel Maina said no member will lose their initial investment but that they will be refunded after the properties are sold andoperational expenses are deducted.
He said the society owes members in excess of Sh2.5 billion in default payments.