The lake side city’s construction and infrastructure continues to develop at a very high rate that triggered Kisumu real estate ventures are exceedingly moving far apart from the CBD. This has been made possible by the private developers and investors who have been persistent in launching classy establishment within the city having a specific mind of making huge returns.
Whole of
Kisumu County is intended for the thought of a 24-hour working environment
across the city, this move will help the entire lakeside city enjoy a robust
economical state for the county hence business stakeholders, investors and even
private developers will reap good returns out of this.
The emerging
problem is infact that there is a very small amount space for the city’s
expansion which has been left by the old architectural plans, this is clearly
seen where the high-end residents are actually located exactly were the city
would have been expanded.
In
particular, am referring to estates in Milimani estate, Grace Ogot estate, Tom
Mboya estate, Argwings estate, railways estate in town etc.
The head of
city planning in the Kisumu County points out that the Kisumu town plan was
adopted in 1974 which puts aside places like Milimani and Tom Mboya as the only
town suburbs. Both of these have already been overtaken due to the fact the
town was growing and expanding to become a city.
“These land
stakeholders have since been experiencing a looming chance, as the city
planners, we’ve been running several notices in the news to alert the residents
of any changes just before executing them” said the top of city planner.
“There is no
way that we could pass Milimani, Tom Mboya, Railways and other estates within
the city’s CBD and after that progress with expansion process. If there is a
growth, it will be in a state that is conventional with the modern trend.”
The top of
city planners stated that they have a strategic master plan to be implemented
later in the year. The strategic master plan will restore sanity within the
property development sector in Kisumu County.
In the mean
time, private developers, investors and home owners have moved in to reap bulky
returns originating from the move to the city’s outskirts expansion.
Among the
many stakeholders in the industry villa care ltd, which enter the western Kenya
market in 2010 with Translake estate, we’re among the first to invest in the
city’s expansion to build residential houses far away from the city. Translake
estate, a gated estate has both modern maisonettes and apartments with social
amenities together with other luxurious features.
These
expansions together with the road constructions within and close to the city
has skyrocketed the land prices conspicuously. “This is an extremely good
opportunity for Kisumu real estate industry to prove itself within the
precincts” Points out Mr. Evans Otieno, a Marketing Executive for West Kenya
Real Estate Ltd.
Projects in
Riat hills, Mamboleo, Kibos, Lolwe, and Polyview have attracted many investors
who may have transformed the scenic hill into new wealthy suburbs especially
for Riat and Mamboleo estates.
There are
actually plans through the County Government of Kisumu to revive the lake
transport sector, and also the Kisian-Nyamasaria bypass at Kondele market will
boost many businesses in the whole region tremendously and not only Kisumu real
estate sector but also other sector as well.
These developments
have pushed up the land prices within the region as more investors are
trooping-in to reap from the massive boom. Currently half an acre in both Riat
and Kisian close to the airport cost not less than Kshs.4 million, despite of
this the developers are scrambling for these properties because they really
know what they’ll get in return at the back of their minds.
However, the
stakeholders within the Kisumu real estate industry have protested onto the
County Government and National Environmental Management Authority for adjusting
the land rates by 100 per cent.
This county
finance bill may have detrimental effects toward the construction affairs in
Kisumu County, since N.E.M.A has also increased its approval fees. Different
from this, “There are cases where con men pose as land owner to swindle
investors and land developer hence giving them fake title deeds; this act has
derailed the pace of development within the county.” says Otieno.