Urithi Housing Cooperative Society (UHCSL), an organisation registered under the Ministry of Trade, Industry and Co-operatives in Kenya, has handed over 1,000 Title Deeds to its members who have acquired property from different projects through the group.
The ceremony, which was held at the Society’s headquarters this April, was attended by over 300 members who received their Title Deeds with the rest urged to pick theirs within the next 30 days.
During the event, the group’s Chairman Mr. Samuel Maina said that despite the harsh economic times, Kenyans are still enthusiastic to invest in the real estate sector, and precisely the affordable options.
He also noted that recent trends in real estate indicate that women are the majority investors especially in the middle and low-cost segments of investments which were attested to by the composition of recipients at the event.
“Over the years Women have overcome cultural and legal barriers which were impediments to them owning property. Women have become more empowered and are more focused on attaining capital investments for their families,” said Mr. Maina.
“In Kenya we have 22,000 registered Co-operatives with over 14 million members. This underscores the pivotal role played by the Co-operatives as key economic drivers. Unfortunately, this number does not capture the 75% of the population that forms the youth,” he noted.
Speaking at the same event, Senior Commissioner of Cooperative Development, Mr. Phillip Agolla, who was representing the Acting Commissioner for Cooperatives’ Development at the State Department of Cooperatives, Mr. Didacus Ityeng’, said that the Cooperative movement in Kenya is growing at a rapid rate and has become a case study in the region.
Mr. Ityeng’ lauded Cooperatives for playing a key role in changing the livelihood of Kenyans and giving them an opportunity for self-advancement. He added that Cooperatives should embrace good corporate governance practices in order to protect the investments of their members.
Urithi’s core mission is providing affordable investment solutions and decent housing to its members. The Co-operative acquires land at negotiated prices and passes on the subsidized cost per unit to its members. Currently, the Cooperative has more than 27,000 members spread across the country.
Since its inception in 2012, UHCSL has issued over 6,500 Title Deeds to members who have invested through the Cooperative. It has also completed and handed over 5 housing projects in areas such as Juja and Thika.
The Chairman noted that by the end of 2019, UHCSL will hand over 5 other housing projects spread across various regions in Kenya such as Mombasa, Juja, Kajiado and Kamulu.
He stated that the Cooperative will continue to process the pending Title Deeds based on respective project timelines and assured members that these Titles would be issued to members in subsequent similar events throughout the year.