You can now own a block of land without holding costs, interests or loan

A new land buying initiative has been launched to help individuals with less money acquire land by booking a price of a parcel of land and paying the booking fee through 10 monthly installments and settling the balance at an agreed future date. The new land buying arrangement has been launched by Land Layby Kenya Limited.

Through a land banking call option dubbed Chanuka Sasa, the initiative hopes to revolutionalise the land and real estate sector by enabling individuals buy parcels of land in the outskirts of various cities and waiting until residential developers make them appreciate in value.

The initiative targets people who are keen to invest in land without securing bank loans and would like to have equity on their land by the time they own it.

“Land banking requires a lot of patience, knowledge and huge capital outlays. It is only hence a mantra of individuals with a lot of money. Land Layby Kenya Ltd is now changing this trend. We are bringing land banking to any Kenyan’s doorstep as long as they aspire to own land,” says Mrs Phyllis Gathura-Tole, the co-founder of Land Layby Kenya Ltd.

The initiative will enable buyers to control a block of land without any holding costs, no interest repayments and no borrowing by booking a price of a parcel of land and paying for it after several years.
According to Land Layby, Chanuka holds the potential of offering instant equity on expiry of the contract. The buyer traditionally pays an option fee to reserve a particular property price over a particular time frame. The fee compels the seller not only to hold the parcel of land for them but also to lock the purchase price also known as Strike Price.

Land Layby Kenya Ltd, which has been piloting the initiative in Kenya, released its first block of land comprising of 82 slots in Isinya Kajiado last year. The slots sold out in less than eight weeks.