Banda Homes offers affordable, modern homes to low income earners

Banda Homes has struck the right cord in the market with its affordable, functional, modern, and all ensuite three-bedroom houses.

In only three months, it has sold 377 units off-plan in four different estates, a major achievement.

The firm’ goal is to build 3,000 houses by the end of this year and to triple that figure next year to 10,000, according to one of its directors, Mr Joseph Nderitu.

He says he and other directors have been in the business of building houses since 2008.

But this year they shifted their focus to providing houses for middle-income earners after they undertook a thorough market research.

“We used to build houses for people the in low-income bracket but when we carried out market research, we found that demand was highest among middle-income and upper-income earners,” he explains.

RENTED HOUSES

According to the survey, 88 percent of Nairobi residents who earn a salary of Sh100,000 or more live in rented houses of a monthly rent of Sh40,000 or above.

The study further revealed that most young people who earn such salaries have resigned to renting houses for life.

They consider themselves incapable of owning houses because paying for a mortgage for 15 years puts them off.

“These are people who should be living in own homes,” Mr Nderitu asserts.

“We moved to build houses that meet their needs – highly functional houses, without compromising on quality.”

He adds: “With our estates, they get to own a home in close proximity to where they work, within easy reach of the Nairobi central business district. They get security of title to the house and the land on which it is built. The title gives them future access to finance – while still owning the house.”

Buyers of the houses enjoy flexible payment terms.

Mr Nderitu promises: “Give me a Sh1.5 million deposit and within 10 months I will have built you a functional, secure, three-bedroom house that will serve you for life – for 30 years and beyond.”

He says the size of the houses is one of the reasons why demand for them is high.

“We do not want to cramp people into tiny houses. We build spacious houses for people to live in comfort. We want to set benchmarks for what good living is,” he explains.

All the houses that Banda Homes builds have dining rooms separate from the lounge.

Banda Homes’ Chief Executive Officer Fabian Nzivo says, “This helps to re-unite the family. The family sits and eats in the dining room and members return to the lounge or sitting room when they are done.”

THREE-BEDROOM HOUSES

Each of the three bedrooms can take in a 6-by-6-foot bed. The kitchens are spacious too.

Customers have the option of customising their homes because they ar the ones who will live in these houses.

“We are not secretive when building houses,” Mr Nzivo says.

“The project sites are open for viewing by clients and members of the public.”

Banda Homes has open days every Saturday for people who want to own homes to learn what the process entails and get details of the different estates.

“The open day is not just about informing people, it is a party and family fun day,” Mr Nderitu says.

Banda Homes kicked started its construction blitz in January with Oak Park Estate (77 units which sold out in 13 days).

It moved to Pine Wood Estate (96 units that sold out in 21 days) and Maple Ridge Estate (112 units which out in 28 days), in that order.

It is currently selling Rosewood Estate (92 units).

“We want to be the preferred real estate solutions provider by the end of this year,” Mr Nzivo asserts, saying fast turnaround times – delivering houses within 12 months have impressed home buyers.