80 projects submitted for joint ventures with NHC
What you need to know:
- In January this year, NHC signed contracts with 21 real estate developers worth Sh270 billion in a landmark deal to potentially change Kariakoo’s skyline.
Dar es Salaam. Some 80 housing projects are seeking joint venture partnerships with the National Housing Corporation (NHC) as part of the plan to change the face Kariakoo.
NHC public affairs and information manager, Mr Muungano Saguye, told The Citizen that the projects are pending to be revised.
"We will soon begin reviewing the projects with diligence, ensuring that we select the best ones. Once the review process is completed, we will announce the total cost of the projects," he said.
In January this year, NHC signed contracts with 21 real estate developers worth Sh270 billion in a landmark deal to potentially change Kariakoo’s skyline.
The government-owned NHC launched a revised joint venture policy to stimulate the provision of affordable homes in November 2022.
Mr Saguye said that the development highlights the growing interest and investment in the country’s housing market, signaling a new era of collaborative growth and opportunity in the industry.
According to him, the projects will have the beautiful scenery of Kariakoo, accommodate more 1,500 business people and increase the number of residential houses to 2,000 from 175.
He noted that since the signing of a Sh271 billion contract with 21 developers, nine are already under construction, seven have received construction permits from the municipal council to allow the execution and the remaining are still seeking construction permits.
“The demolition to enable the construction of seven buildings will start soon,” he said. Mr Saguye stressed that since the joint venture policy was revised, individuals and companies are eager to partner with NHC.
The law that permits the government-run housing developer to collaborate with the private sector on the creation and ownership of properties has been in effect since 1993.
However, no public-private partnership (PPP) project has been implemented in the last 10 years, which prompted the firm to examine the strategy in an effort to boost the effectiveness of joint venture projects.
With an annual demand of 200,000 affordable homes, Tanzania is predicted to have a 3,000,000-unit housing shortfall.
