RUTO ‘auctions Kenya’ as he gives out a whopping Sh30 billion land to private developers for free – Look!

 

Thursday, March 23, 2023 – President William Ruto has moved to woo more private developers after giving them land for free.

Speaking during the launch of the Listing of Laptrust Imara (REIT) at the Nairobi Securities Exchange, Ruto revealed that his government was giving 4,000 acres of prime land for free to developers across the country for the construction of affordable housing. 

According to Ruto, the pieces of land, which amount to a whopping Sh30 billion in value, had been donated by several county governments. 

“We have since, as a government, made land for the construction of houses free. You do not have to pay for them.”

“I want to congratulate many counties that have made close to 4,000 acres of land in very prime land in many parts of our towns worth anywhere between Ksh20 billion and Ksh30 billion,” stated Ruto.

Giving the reason for the move, the Head of State explained that the cost of land contributed to a high percentage of the amount spent during the construction of houses, which in turn discouraged investors from building affordable housing units

He noted that the issuance of free land would, therefore, allow for the construction of houses that could be bought by Kenyans at affordable prices. 

“The cost of land contributed up to between 20 and 30 per cent of the cost of building a house and was an impediment to construction in the country,” the Head of State added. 

Ruto also reiterated that the private developers had to use standardised materials for construction to promote the local manufacturing industry and expand mass rollouts.

The affordable housing project is meant to provide Kenyans with affordable housing across the country according to Ruto.