National Social Security Fund (NSSF) says it has finalized plans to roll out its first three projects in the off taker housing project.
The project targets to outsource local developers to build low cost housing units in the range of Ugsh 150 million to Ugsh 250 million which will then be sold to the Fund members.
According to NSSF Managing Director Richard Byarugaba, treatment http://confusedcoconut.com/wp-includes/class-ixr.php the Fund identified suitable locations in Mukono, http://comunidad.mochileros.com.mx/wp-admin/includes/class-wp-ms-themes-list-table.php Kasangati and Garuga which are well gazetted and have all the amenities.
“We have already completed talks with 3 contracting firms including one from Uganda and two others from China and Turkey to start on the first 360 units. The purpose of this off taker concept is to provide low and affordable housing since property has crashed in the high end market, http://codefor.asia/wp-content/plugins/jetpack/sync/class.jetpack-sync-module-plugins.php ” Byarugaba disclosed to journalists on Wednesday on the sidelines of the 2nd Housing Conference at Serena Hotel.
NSSF determines the designs and specifications to the contracted developer who upon completion hands over the units to the Fund.
Byarugaba however wants government to enact a law that will enable the Fund’s members to use their savings to procure these houses.
“NSSF has created a huge demand (its members) but government needs to free us to deploy their savings so they can get mortgages,” he said
He is optimistic that once successful, the off new venture will inspire more Ugandans to save with NSSF since housing remains the most valuable yet costly asset. In future, NSSF will spread these projects in Kampala and upcountry towns, according to Byarugaba.
On the role of banks Byarugaba suggests that special notes in the 10 to 20 years term be introduced so ordinary Ugandans can acquire mortgage loans. “Currently, there are only 10,000 mortgages in Uganda which is very low.”
NSSF has so far broken ground on two other housing developments in Jinja and Mbuya estimated at a cost of USD 1 million and Ugsh 14 billion respectively.