Inside Politics

Stakeholders want State to rid real estate of fraudsters

Tuesday, August 25th, 2020 21:56 |
An aerial view of Nyayo Estate in Embakasi, Nairobi. Photo/PD/FILE

Stakeholders in the real estate industry have appealed to the government to offer a helping hand in dealing with fraudsters in the sector.

According to George Mburu of Mizizi Africa Limited, most Kenyans have been falling trap of rogue companies who despite collecting millions of money from Kenyans end up conning them of their hard-earned savings.

Mburu said some firms even hire celebrities and media personalities as their ambassadors to create confidence, but leave their clients in tears after failing to meet their obligations despite receiving hard earned cash.

“It’s a sad state of affairs, its high time our authorities did something about it and do away with conmen,” said Mburu.

The companies, including some which have turned out to be rogue, have been competing for airtime during prime time, where directors cough millions to secure advertising slots to reach out to potential buyers as they seek to cash in on the high demand for property ownership.

Real estate is one of the most attractive investments as it offers high and consistent returns and is inflation-proof.

“We are urging Kenyans to be diligent as well. Anytime you want to buy a piece of land do some research before? Don’t just rush but look for a serious company that has a reputable record,’ he said.

Further, Mburu pleaded with the government also to assist the sector during the ongoing COVID-19 pandemic.

“ Most of us have been hardly hit by the virus, very few people are buying property, our plea is to the government to at least offer a helping hand by reducing the cost of raw materials,’ he said.

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