By Akanimo SampsonThe over $6 million Green Zone Housing project financed by the Bank of Baroda in Kenya, is expected to be delivered by next April, 2022.
Bank of Baroda, India started its glorious journey of its overseas operations by opening a branch at Makadara Road, Mombasa in Kenya.
Later, on October 3, 1959, another branch was opened at Digo Road in Mombasa. Subsequently, in 2002 Makadara Branch was merged with Digo Road Branch, Mombasa.
On January 21, 1992 the subsidiary, Bank of Baroda (Kenya) Ltd was incorporated with 86.70% shareholding of the Bank of Baroda, India and 43 local shareholders constitute the remaining 13.3%.
As on December 31, 2017, Bank of Baroda (Kenya) Ltd. has an authorized Capital of Kenya Shillings (Kshs.) 16,909 million with subscribed and paid up capitals of Kshs. 900 million respectively. Bank of Baroda, India is contributing a capital of Kshs. 858 million.It is offering all the Banking services to its customers, enabled with transaction based banking- Internet Banking, RTGS (Domestic) & ready to offer cross border RTGS among East African Countries through East African Payment System (EAPS), Mpassbook, Debit Card, SMS banking, Mobile banking etc.
However, according to the Green Zone Housing Project developer, Kenyans can own houses in three ways including cash, mortgage, and tenant purchase.Suraj Jeram, Meera Construction team leader said that the project financer, Bank of Baroda is ready to give a long-term mortgage to clients. “We have also partnered with HF Group – Housing financing company for buyers’ mortgage loans at a negotiated rate of nine percent so that the buyers will pay as little as $159 per month for a one-bedroom apartment”, he said.Green Zone Housing phase one whose construction began in 2018, saw 224 units comprising two and three-bedroom apartments, put up in a two-and-a-half-acre plot Thindigua at a cost of over US$ 19m.
The units in this phase have premium finishing with fully fitted kitchens, solar water heater, swimming pool, children’s’ play area, and high-speed lifts, in line with green and sustainable building standards.
Security has been beefed up for residents using electric fences, CCTV surveillance cameras, security guards, and a controlled entry and exit system, to suit global security standards.
Green Zone Housing Project phase two construction has kicked off in Thindigua, Kiambu County, Kenya following the successful completion of the first phase. This was announced by Meera Construction Ltd, a company that offers a range of preconstruction and construction services and a subsidiary of Krishna Group.
The former said that the project, which is in line with President Uhuru Kenyatta’s program to expand homeownership, will see the development of 160 units including one, two, and three-bedroom units with a starting price of approximately $23,897.
