Kenyan investors in the property market are facing losses running into millions of shillings after one of the projects they had invested in failed to materialize.
In a bid to recover their investments, the Kenyans trooped to DCI offices along Kiambu road to record statements after failing to get an audience with the directors of the company, Suraya Property Group.
The investors had put their money in an off-plan investment after being promised to have their apartments in three years time.
Wairimu Thimba, one of the investors noted that the properties were supposed to be completed by the end of 2014 but up to date, they have not gone beyond the foundation stage.
At the site along Muchai drive in Nairobi where one of the building was supposed to be constructed, nothing has been done, just a few building blocks, concretes and iron sheet gates.
Another complainant, Josephine Murugi, who is a widow, revealed how she put all her savings and those of her late husband for a unit when the project was done in a bid to secure their children's future.
“Since 2013, I personally invested in their projects hoping that within two years, I would have gotten my two units along Ngong road and up to now it hasn't happened,” Josephine lamented.
NTV reported that the investors started putting their money into the project in 2011, with some of them expecting to move in by 2014.
Some of the property mentioned by the investors to have stalled for years were still on the company’s website.
The listed properties were Encasa along Mombasa road Phase II, Lynx at Muchai drive, Lynx at Ngong road, Lynx at west and Lynx at royal.
Some of the investors are also said to be from the diaspora.
Kenyans.co.ke tried to reach Suraya group for comments but they were non-responsive to our phone calls.
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