In a recent event marking the handover of keys to homeowners at Almond Height in Kibuchiku, Kiambu County, Chrispus Wachira, Managing Director of Almond Estate Ltd, made a strong case for expediting the process of providing sectional titles for shared apartment owners. Sectional titles, which confirm homeownership in multi-unit buildings, have been an area of concern due to their current limitations and delays in issuance.
Sectional Titles: A Crucial Need
During the ceremony, Wachira highlighted the critical role of sectional titles in validating homeownership. Although sub-lease documents are currently in use, they fall short of offering the comprehensive ownership verification provided by sectional titles. “The sectional titles are a great initiative and crucial documentation for a homeowner, even though they currently face challenges. I urge the government to fast track the process of finding a solution,” Wachira said.
Shared Apartments: A Solution to Land Scarcity
Wachira also championed the concept of shared apartments as a strategic solution to land scarcity. By accommodating multiple homes on a single piece of land, shared apartments not only address the housing deficit but also contribute to agricultural preservation. For example, the quarter-acre land at Almond Height now hosts sixty houses, an achievement that would have been impossible with individual plots for each homeowner.
Encouraging further investment in shared apartments, Wachira suggested that lowering taxes on construction materials would support such projects. He also acknowledged the positive impact of financial institutions in reducing mortgage interest rates, which has made real estate investments more accessible.
Investor Perspectives and Future Outlook
The sentiments expressed by Wachira resonated with investors who attended the event. Humphrey Karanja, whose daughter had purchased one of the houses from abroad, shared his belief in the future of shared apartment investments. He stressed the need for the government to provide clear guidelines on the use of land for agriculture versus investment purposes. “Going forward, I foresee a situation where this kind of investment will be the norm, and the government will need to clarify which land should be used for agriculture and which can be used for such investments,” Karanja remarked.
Jacqueline Radido, another investor, underscored the reliability of real estate as an investment avenue. Having purchased three houses with the intention of renting them out, Radido’s commitment highlights the growing appeal of shared apartments among investors.
Conclusion
As the demand for housing continues to rise, the need for sectional titles and supportive government policies becomes increasingly urgent. The call for expedited processes and clearer regulations reflects a broader recognition of the role shared apartments play in addressing housing shortages and promoting sustainable land use. The government’s response to these needs will be crucial in shaping the future of real estate investments and ensuring that housing solutions remain viable and effective.
