NATIONAL Building Society (NBS) plans to launch a new housing project in Masvingo’s Runyararo area, targeting over 600 units, as part of efforts to alleviate Zimbabwe’s housing backlog, businessdigest can report.
The new project is a joint initiative involving NBS, National Social Security Authority (Nssa), and Masvingo City Council.
In an interview this week, NBS managing director Sifiso Mahlangu revealed the building society was on a strategic mission to provide affordable housing units across the country.
“The one that excites us most is the partnership that we managed to enter with Nssa, the Runyararo Housing Project. It is going to yield 616 units,” he said.
“We have been mandated by the government to come up with one million housing units and we are up to the task.”
The State-run financial services firm has not yet allocated a budget for the project.
Mahlangu said they had identified three key projects for this year and most of the pipeline projects would offer inclusivity so that everyone can afford a home.
“We have identified three key projects this year, and we have promised our board in terms of the delivery,” he said.
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“What we want to do is also to ensure we develop up to standard houses.
“The entire town council also has a role to play. We are hopeful that we should be able to commission that development later this year.”
Last year, NBS invested around US$7 million in new projects aimed at enhancing its services and promoting economic growth.
The investment was channelled into various initiatives, including housing development and branch expansion.
Some notable projects launched last year included Lenderspark, a microfinance institution designed to promote financial inclusion and drive local economic growth, as well as the opening of branches in Bindura and Chiredzi.
Additionally, NBS introduced a “rent-to-buy” package, which allows individuals to rent a property for a specified period, with the option to purchase the property in the future, contingent on their payment history and ability.
Currently, it is finalising other projects, including Matendele in Plumtree, Glaudina flats in Harare, the Rangemore project in Umguza, and Newmara in Mutare, among others.
“Last year, we planned to develop quite a number of projects that we are actually doing now,” he said.
“What we have managed to do, and finish are the 64 units of the two blocks in Glaudina.”
Mahlangu added thatNBS’s plan was to make everyone benefit by providing all kinds of housing homes.
