Views: 0
By Sabiiti Muwanga
Everyone’s dream when they hit adulthood is to have their own home.
But in the present circumstances in Uganda this is not easily attainable due to various circumstances, ranging from lack of sufficient funding, lack adequate information to indecisiveness among others.
Rest Assured Property Investments (RAPI) a real estate firm has come up with a solution for low and middle income earners to own property in a drive they have code-named: From 0 to Landlord.
According to RAPI managing director Dauda Ssennyonjo, the scheme which they are rolling out soon is aimed at solving housing problems for those people who feel they cannot raise enough funds to acquire land and construct a home.
Ssennyonjo (left) and a client exchange a sales agreement after a transaction
“From experience there are many people out who are earning but they find themselves not able to save enough at one time to buy land and build a home yet they have the dream,” Ssennyonjo explained at his Orange City building office along Gayaza Road.
“We thought if they saved that money by investing in land in installments, after which we can help them construct a home, their dream will be realized,” he added.
The soft spoken boss explained that they have estates on all major roads leading out of Kampala City within a radius of 30km with plots of 100X50ft ranging from as low as twelve million shillings (sh12m).
A grader clearing land on the Bombo estate in Luwero District
“We are not particularly out for profits,” Nasser Kazibwe the head of marketing at RAPI chipped in. “Much as we need money, but this is a partnership where we also feel we can help our young population realize their dream of a personal home.”
According to the scheme that is designed to last five years a client, after pointing to a plot of their choice, will deposit the money they may have but agree to a plan to complete the payment within one year, and without any interest accruing.
After clearing the balance for the plot, the client is handed their title and if they are willing they enter a second stage of the partnership.
“Here is when if the client is willing to construct a home of their own taste, we ask them to deposit just 60% of the estimated cost as advised by our architects and valuers of bills of quantities,” Kazibwe expounded, adding that within 10 weeks the house and the client may take possession.
“But at this stage if they have paid the full amount of the cost of construction, as security we ask for land title back just as a precautionary measure,” Kazibwe cautioned. The client is given another two years to clear the debt.
Just to br sure: Marketing manager Kazibwe takes shots on his phone
The managing director said they have so far been overwhelmed by the interest shown by suitors who have heard about the scheme.
“The interest so far is amazing from those we have explained our RAPI home scheme to,” Ssennyonjo exclaimed. “But we are soon rolling it to sensitize people that at whatever level of one’s earnings they can still own a home.”
The beauty of the scheme, Ssennyonjo explained, is that all clients can follow their individual transactions using the RAPI Home app on their hand phones even though the deposits are made in various banks.
Among other services apart from buying and selling land, RAPI as they love to be called, play a management role on residential houses, apartments, arcades and any other as the client may wish.
They also play an advisory role to clients who intend to develop their land.
“Here we have found many people make errors by putting a good structure in a wrong place or location,” Kazibwe pointed, adding that many fail to get return on investment in the stipulated period.
RAPI has estates in Bombo, Kasanje in Mpigi, Mbalala in Mukono and Sentema in Wakiso District.