Lands office delays frustrate real estate developers
Deliberate delays in the processing of title deeds continue to hurt land buying and selling companies as well as create distrust within the ranks of these organisations.
Reuben Kimani, CEO Username Investments, says investors are forced to wait for more than half a year to get their title documents.
“Getting title deeds is proving to be the most tedious process, but as a company, we are always sure that we deliver our promises by handing out title deeds during the stipulated term,” Kimani said.
He was speaking during the launch of Username Investment Limited’s new head office at Le’mac building, Westlands, Nairobi, last week. He said the company had sold 37 projects during the past six years.
“We have handed over 6,000 title deeds in 30 projects, but we have been struggling to get the rest of the titles. Still, there is a light at the end of the tunnel since some have been approved recently,” he said.
Financial distress
The delays have affected the whole industry, putting potential investors in a wait-and-see mode.
Due to financial distress, fraud and inefficiency in other land-buying firms, some investors are demanding refunds, fearing that Username is also not delivering on its promises.
Kimani said the industry has remained stagnant with little or no improvement in terms of revenue.
“We have been forced to hold to one project for longer, unlike before when there were no delays,” he said.
During the event, the company also launched a Christmas campaign dubbed Christmas Mbuzi with Username. The campaign, which runs until the end of the year, targets to give out goats for Christmas to over 1,000 families who invest with them. However, customers must clear their outstanding balances to be eligible.
“Investors investing during this period will qualify for a chance to win a fully paid holiday trips for two in Thailand, Mombasa and Maasai Mara, among other prizes,” Kimani said.
