Home » Business » CFI Rolls Out 7 000 Stands

CFI Holdings is set to roll out 7 000 residential stands for low-income earners in two months time in support of Government’s thrust to improve accommodation in line with the economic blueprint, Zim-Asset.

This comes after the Ministry of Lands and Rural Resettlement and Crest Breeders International, a subsidiary of CFI, resolved the dispute over control of Saturday Retreat Estate, measuring 1 057,3 hectares, on the southern part of Harare.

The two parties hammered a deal which culminated in a consent order.

Administrative Court judge Justice Herbert Mandeya, confirmed the order on January 13, 2015.

According to the deed of settlement, Crest Breeders will get full compensation for the compulsory acquisition of its urban land, with CFI appointed as the sole developer of the land.

There are reportedly close to 7 500 families already illegally settled on land measuring 656 hectares whose occupation is in the process of regularisation following the deal between Government and Crest Breeders.

CFI will subdivide the remaining piece of land, measuring 401 hectares, into 7 000 housing stands.

The stands will be sold for $4 per square metre. In an interview on Tuesday, a CFI top executive who declined to be named, said they were excited about the housing project.

He said the project would help turn around the fortunes of the CFI group.

“We are really excited as a group,” he said. “We believe this will have a major impact on the group’s financial fortunes and will change the outlook of the southern area of Harare.”

He said the company was working on individual sale agreements with each of the 7 500 families.

“Work is in progress where we are putting administrative structures in the area for the benefit of the families for payments,” said the executive.

“Once an individual pays an agreed amount, he or she will be issued with title deeds to the property, thereby empowering him or her.”

CFI Holdings is expected to collect a total of US$26 240 000 from the 7 500 families as part of compensation in terms of the deed of settlement with the acquiring authority.

Source : The Herald

Archives