Banda Homes Off Plan: Controversial off plan real estate firm Banda Homes has announced that it has reorganized its off-plan housing scheme. In a video by the real estate firm’s director Andrew Kamau, investor money will now be paid to lawyers, who will release it to the developer once specific construction milestones have been achieved.
“No money will be paid to the developer directly. All money will be paid to an independent lawyer who will in turn make a professional undertaking to release the money once milestones captured in the contract are achieved,” said Kamau. An independent registered architect will undertake an evaluation to ensure quality.
Banda also says that in the event that it is unable to complete its projects within the specified timelines, its investors will get cash back in form of monthly rent that will be equal to the rent rates in the area of development for every month that completion will be delayed.
Kamau is the same guy who used to run the defunct Dinara Developers. At one point, he bragged how he made up to Sh. 20 million per month. “I make between Sh. 20 million and Sh. 25 million per month,” he claimed.
In mid this year, Banda Homes found itself in soup after investors launched massive complaints that the firm was scamming them. Banda was accused of failing to deliver houses to its clients two years after receiving hundreds of millions. The buyers bought the houses in an off housing plan. The houses were to be built along Thika Superhighway at Pinewood and Rosewood estates. The buyers paid Sh. 3.9 million each for the houses. However, Kamau blamed the coronavirus pandemic for the delays. Banda Homes Off Plan.