The City of Harare has entered into a strategic partnership with a local building society for the construction of 3 000 housing units in Budiriro.Under the partnership, a local building society, CABS, has invested US$15 million into the project in Budiriro which will see the construction of 3 000 housing units to benefit home seekers on the housing waiting list.
CABS Managing Director, Mr. John Terry said the latest development is a result of wide consultations with government on how best the building societies can assist in housing delivery.
City of Harare Town Clerk, Dr Tendai Mahachi noted that the capital alone is not able to deal with the increasingÂ demand for housing as for the past decade it has failed to venture into any major construction projects, hence the partnership with private investors.
Deputy Mayor, Councillor Emmanuel Chiroto said the joint venture with the building society is one of the first major projects carried out by the city fathers and will assist in alleviating the acute housing shortage in the capital.
Under the deal, the local authority made available land and the building society will venture into the construction of on-site and off-site infrastructure and ultimately the housing units.
Due to sanctions induced economic challenges, government and local authorities have failed to deliver social housing and the intervention of the building society is a positive development.