This archive report was first published on 28 November 2019.
Urithi Housing Cooperative Society, a significant player in the real estate sector, has been facing challenges in delivering projects. To address these issues, the society has launched a grand project delivery program.
According to Urithi Chairman Samuel Maina, the program aims to update members on the progress of various projects. The society will hold status meetings for each project, and members are invited to attend and provide solutions on the way forward.
On Saturday, November 30th, Urithi will tour the KAMULU/JOSKA project, and members who invested in the project are urged to attend the meetings and participate in offering solutions.
‘Real Estate non-performing loans stood at 15%, Construction companies non-performing loans stood at 8% hence constitutes a total of 23% of non-performing loans from the real estate sector according to 2018 financial report,’ Maina said.
Urithi has been forced to reduce its workforce and consolidate offices to reduce operation costs and ensure sustainability. Maina has also urged members to be wary of people taking advantage of the situation to create confusion and disquiet among members.
‘Let’s all remember, our greatest task is delivery and all our energy must focus on three things; delivery, delivery and delivery,’ Maina emphasized.
