National Building Society rolls out massive housing scheme for Bulawayo

Source: The Chronicle – Breaking news

From left to right: NBS senior public relations officer Mr Kevin Mwenye, NBS acting managing director Mr Sifiso Mahlangu, general manager for Bulawayo Mr Ndukuzabo Tenene, NBS board chair Mr Shingai Mutumbwa and Maharba managing director Mr Milton Makore during a tour of Rangemore housing project in Bulawayo

Leonard Ncube, leonard.ncube@chronicle.co.zw

THE National Building Society (NBS) has embarked on a massive housing project in Bulawayo, targeting over 2 000 low-cost units and ultimately about 4 000 beneficiaries. The initiative is part of a nationwide housing scheme backed by NBS with over US$1,5 million invested.

NBS is financing the Upper and Lower Rangemore housing project, developed by Maharba Investments in two phases. Established to contribute to the National Housing Stock and support Government programmes, NBS implements housing projects across Zimbabwe, including Harare, Bulawayo, Gweru, Plumtree, Mutare and Chinhoyi.

A few years ago, NBS partnered with local authorities nationwide to deliver low-cost housing and reduce the national housing backlog exceeding 1,5 million. Committed to contributing to National Development Strategy 1, NBS offers affordable housing solutions, aligning with the Government’s goal of providing modern and accessible housing for all by 2030.

Complementing this initiative, NBS, a subsidiary of the National Social Security Authority (NSSA), has rolled out the Rangemore Presidential Housing Scheme as part of the 100-Day Cycle projects. This project encompasses 2 305 residential stands across two phases.

Following a stakeholder address at the Zimpapers Lands Indaba last week, the NBS acting managing director Sifiso Mahlangu led a delegation to the project site for an update. Maharba Investments’ managing director provided details. The delegation included NBS board chair, Mr Shingai Mutumbwa, general manager for Bulawayo and Southern region Ndukuzabo Tenene and the senior public relations officer Kevin Mwenje.

Phase one will have 1 666 housing units. Phase two, the Presidential Scheme, will have 638 units, bringing the total to about 2 300 residential stands.

The project includes plans for schools, a clinic, and two shopping malls. Phase two servicing is nearly complete (98 percent), with significant progress in phase one.

The project aims to construct BB3 houses as fully completed units for beneficiaries, primarily civil servants. The target is to build 10 units per day, reaching 100 units within 30 days upon receiving funds. NBS acts as both the developer’s financier and mortgage provider for beneficiaries.

Currently, the remaining tasks involve road tarring, water connection and drainage system completion, with all materials on site. Beneficiary vetting is also underway, adhering to the Government’s mandate for serviced land before occupation.

NBS plans to roll out the houses in batches of 200 units.

“We are doing a collaborative arrangement with a company called Maharba. It is that as NBS we are found to be supportive of such initiatives to provide housing. We are coming here purely from a funding perspective where the funding model has identified about 4 000 beneficiaries and we are going to be assessing them and given the project is almost done in terms of water, sewer and construction will start.

“What we do is come in and create mortgages and as we disburse them we provide funding to the whole project. We are going to be doing this funding in batches of 200 to create a revolving fund so that we create capacity in terms of finding liquidity. If we do bullet funding we are looking at about US$80 million but if we break down the funding to batches of 200 each we create a proper funding and as people do their repayments, they are also creating a capacity to avail more money,” said Mr Mahlangu.

He said the bank is targeting low to medium beneficiaries while there are also middle and top-tier packages.

Access to affordable and decent accommodation is a critical component of the Government’s vision to create an upper middle-income society by 2030.