- Category: Stories
- Published on Friday, 20 May 2011 18:23
- Written by Charles Rukuni
- Hits: 334
The stands are being developed under the Reserve Bank of Zimbabwe public sector facility, which awarded the council $8.3 billion last year. The loan, which has an interest rate of 50 percent, is payable on August 22.
The council is using the facility to develop 119 stands in Parklands, 245 in the middle-density suburb of Mahatshula and to build 100 houses for low-income earners in Emganwini.
It allocated $2.3 billion for the stands in Mahatshula, nearly $2 billion for the Parklands stands and $3.8 billion for the houses in Emganwini.
Beneficiaries were asked to pay a deposit of 50 percent, with the balance payable over six months at an interest rate of 51 percent.
Although the council has been awarded a further $150 billion by the central bank, this has not yet been disbursed.
Meanwhile, housing construction in the city continues on an upward trend with the council approving building plans valued at $10.4 billion in the first quarter of this year. It approved plans valued at $18.6 billion for the whole of last year.