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James Wakahiu and Ndegwa Gathungu

Real estate developer, Urithi Housing Cooperative Society has dispelled fears that the multi-billion organisation is financially constrained, though admits business has significantly declined as a result of the Covid-19 pandemic.

Chairman Samuel Maina confirmed that the company is still on course to deliver pending projects to its members this year even as the sector continues to stagger owing to the shocks of the Covid-19.

The organisation’s top brass says it has shifted focus on delivering pending projects unlike initiating new projects as the market prospects are not promising.

 “We were doing so many projects across the country, but for the last few months we have embarked on delivery without starting new projects.

We want to deliver all projects in the next one year we hand over all the existing and then after that we continue with the model as it is without restructuring our business model,” said Maina.

Speaking in Mombasa during a ceremony to hand over about 100 tittle deeds to property buyers, Maina assured his members that all pending projects will be delivered within the next six months without delays.

 “In the coming few months you will see us delivering more than even doing marketing and selling.

We want to finish our projects so that they can be off our back,” Maina added.

He adds: “The problem we are having is that the organisation is owed more than Sh2.5 billion shillings and this is a general problem because the performance of the economy is deteriorating.

We are urging our members to just up their game in contribution,” said Maina.

The sector significantly suffered economic down turn this year as a result of Covid-19 pandemic, which has continued to ravage the economy.

The company has no plans to audit properties of defaulters.

“There are financial challenges and as Urithi we will continue delivering projects to investors because that is our duty.

We will give our members time to clear unlike auditing their properties,” said Maina.

The delivery of projects comes as members raise concerns over delays in acquiring the important documents to prove ownership of their land.