The Infrastructural Development Bank of Zimbabwe (IDBZ) is set to start work on its $6 million housing project in Marimba this April with more than 200 people having already signed up for the stands within two weeks of launch, an official has said.
A total of 707 medium to high density stands are to be sold under the bank’s Home Saver facility which is designed to help Zimbabweans save towards the purchase of a residential stand or house.
The Home Saver account does not attract service and maintenance fees and is also exempted on withholding tax on interest.
IDBZ Director of Infrastructure Projects, Desmond Matete said that the project would be complete within a year.
“We will be having graders on the ground as soon as April and we should be done in 12 months if not earlier because the area is not bushy,” he said.
The 300 square metre high-density stands will cost $13 500 while the medium-density stands at 510 square metres will cost $22 950.
IDBZ intends to build 30 000 housing units between 2014 and 2018.
With rural to urban migration increasing in Zimbabwe, there is more demand for affordable housing. Zimbabwe has a national housing backlog of 1. 25 million.
Harare has a target to deliver 105 000 houses by 2018 under the ZIMASSET economic blue print.-The Source