Urithi housing Chairman dismisses reports published in local daily

Urithi housing cooperative limited has termed as misleading and untrue reports published in an article in one of the newspapers claiming that its housing bubble has finally burst.

In a statement Urithi Chairman Samuel Maina says the headline “Urithi Housing bubble finally bursts as bank puts its land on sale.” Is sensational a misrepresentation of facts.

While the article claims that a bank has put up for sale on project initiated by Urithi, Maina says there has been several meetings between Urithi and Family bank representatives as well as members of involved in the Panorama gardens project.

Out of the meetings, the bank has suspended the redemption notice to allow for restructuring of the Loan Facility which is at an advanced level.

The Chairman further states that Urithi has engaged members of Olive Tola project phase 3 and 4 and agreed to accelerate payments.

He says already substantial amounts of money have been paid and that the content published in article is outdated and a scheme to ruin the Society’s name.

“We wish to advise our members and other stakeholders that the situation is stable and in control. We take pride in ensuring the delivery of our promise to our members and safeguarding their investments with us.” He said.