Connect with us

Business

Ngara Estate Loses its Shine

Published

on

Loading...

[ad_1]

Society

Ngara Estate in Nairobi
Ngara Estate in Nairobi. PHOTO | SALATON NJAU | NMG 

In the 80s, Ngara was a middle-class estate. It was clean, there was ample playgrounds and parking spaces and the sewerage system was working.

Ngara is now less appealing even to investors, as hundreds of hawkers crowd the streets, and kiosks and makeshift garages mushroom on access roads.

The estate has deteriorated as others located near the central business district such as Upper Hill, Parklands and Westlands sprout with skyscrapers. Property prices also have stagnated and a number of buildings are vacant.

Charles Ng’ang’a, a marketing executive at Hass Consult says the presence of street families and property owners from the 70s clinging onto their old buildings without developing them has eroded the value of most the properties.

“There is no residents or owners association in place to restrict the informal businesses, extension of the downtown spreads into Ngara, street urchins are thriving there and a low-income estate mentality is crippling Ngara. The association, if it was in place, can dictate the way housing is done in the area, restoring the 70s feel that gave Ngara the middle-class status, which impressed investors,’’ says Mr Ng’ang’a.

He adds that investors also shy away because there is no restrictions on hawking and more routes are being encouraged, besides the Ngara bus terminus, as the county aims to decongest the city centre.

Rajesh Patel, a property owner and resident in Ngara blames the reluctance by the county government, saying that if security is restored, the estate may regain its status.

“Something must be done urgently because in terms of class and age, Ngara should be ranked together with Parklands and Westlands. Actually, Ngara should do better since it’s the nearest to town from this side. But it’s terrible, even Nairobi West from the other side of town is doing far better than us,” he says

Loading...

Rents have remained low, attracting low-income earners and university students living in old buildings sitting on large tracks of land. For instance, a one bedroom apartment ranges from Sh15,000 to Sh19,000 on average, whereas in Parklands and Westlands the same house would fetch higher rents. Commercial buildings and newly constructed houses also lie vacant for months.

Even as moneyed Asians snap up buildings in Parklands and turn them into high-rise buildings they have shunned neighbouring Ngara where a three-bedroom house costs as low as Sh15 million.

But as low house prices cut owners’ profits, some have converted their homes into one-room shared hostels, attracting students who go to University of Nairobi, Technical University of Kenya, among other satellite colleges located in the CBD.

A shared room of four costs Sh7,000 a month while bed-sitters range from Sh10,000.

“We don’t fear the ‘chokoras’ {street urchins} We co-exists nicely. Ngara has cheap accommodation and it takes about 10 minutes to walk to school. But after school, we will graduate to the other end of the city,” said Mark Okello, an engineering student at the University of Nairobi who stays in a hostel.

In the good old days, residents used to walk to Ngara from town but now even the students doing evening class are at risk as thugs roam from the Globe Cinema Roundabout, to adjacent Kipande Road, towards Ngara.

“We take solace that as students we are just visiting here, after graduation and getting a decent salary then the first thing is to relocate,” says John Makori, a student at a tertiary college in town who stays at Ngara men’s hostel.

Mr Thiong’o says that Ngara can be optimised by building high-rise apartments.

Proper planning of a designated market, stalls and doing away with informal hawking on the roadside, decongesting the bus terminus and building wider roads to reduce traffic would woo real estate investors to Ngara.

@ke.nationmedia.com

[ad_2]

Source link

Loading...
Continue Reading

Business

World Bank pushes G-20 to extend debt relief to 2021

Published

on

Loading...

World Bank Group President David Malpass has urged the Group of 20 rich countries to extend the time frame of the Debt Service Suspension Initiative(DSSI) through the end of 2021, calling it one of the key factors in strengthening global recovery.

“I urge you to extend the time frame of the DSSI through the end of 2021 and commit to giving the initiative as broad a scope as possible,” said Malpass.

He made these remarks at last week’s virtual G20 Finance Ministers and Central Bank Governors Meeting.

The World Bank Chief said the COVID-19 pandemic has triggered the deepest global recession in decades and what may turn out to be one of the most unequal in terms of impact.

Loading...

People in developing countries are particularly hard hit by capital outflows, declines in remittances, the collapse of informal labor markets, and social safety nets that are much less robust than in the advanced economies.

For the poorest countries, poverty is rising rapidly, median incomes are falling and growth is deeply negative.

Debt burdens, already unsustainable for many countries, are rising to crisis levels.

“The situation in developing countries is increasingly desperate. Time is short. We need to take action quickly on debt suspension, debt reduction, debt resolution mechanisms and debt transparency,” said Malpass.

ALSO READ:Global Economy Plunges into Worst Recession – World Bank

Loading...
Continue Reading

Business

Kenya’s Central Bank Drafts New Laws to Regulate Non-Bank Digital Loans

Published

on

Loading...

The Central Bank of Kenya (CBK) will regulate interest rates charged on mobile loans by digital lending platforms if amendments on the Central bank of Kenya Act pass to law. The amendments will require digital lenders to seek approval from CBK before launching new products or changing interest rates on loans among other charges, just like commercial banks.

“The principal objective of this bill is to amend the Central bank of Kenya Act to regulate the conduct of providers of digital financial products and services,” reads a notice on the bill. “CBK will have an obligation of ensuring that there is fair and non-discriminatory marketplace access to credit.”

According to Business Daily, the legislation will also enable the Central Bank to monitor non-performing loans, capping the limit at not twice the amount of the defaulted loan while protecting consumers from predatory lending by digital loan platforms.

Loading...

Tighter Reins on Platforms for Mobile Loans

The legislation will boost efforts to protect customers, building upon a previous gazette notice that blocked lenders from blacklisting non-performing loans below Ksh 1000. The CBK also withdrew submissions of unregulated mobile loan platforms into Credit Reference Bureau. The withdrawal came after complaints of misuse over data in the Credit Information Sharing (CIS) System available for lenders.

Last year, Kenya had over 49 platforms providing mobile loans, taking advantage of regulation gaps to charge obscene rates as high as 150% a year. While most platforms allow borrowers to prepay within a month, creditors still pay the full amount plus interest.

Amendments in the CBK Act will help shield consumers from high-interest rates as well as offer transparency on terms of digital loans.

SEE ALSO: Central Bank Unveils Measures to Tame Unregulated Digital Lenders

Loading...
Continue Reading

Business

Scope Markets Kenya customers to have instant access to global financial markets

Published

on

Loading...

NAIROBI, Kenya, Jul 20 – Clients trading through the Scope Markets Kenya trading platform will get instant access to global financial markets and wider investment options. 

This follows the launch of a new Scope Markets app, available on both the Google PlayStore and IOS Apple Store.

The Scope Markets app offers clients over 500 investment opportunities across global financial markets.

The Scope Markets app has a brand new user interface that is very user friendly, following feedback from customers.

The application offers real-time quotes; newsfeeds; research facilities, and a chat feature which enables a customer to make direct contact with the Customer Service Team during trading days (Monday to Friday).

The platform also offers an enhanced client interface including catering for those who trade at night.

Loading...

The client will get instant access to several asset classes in the global financial markets including; Single Stocks CFDs (US, UK, EU) such as Facebook, Amazon, Apple, Netflix and Google, BP, Carrefour;  Indices (Nasdaq, FTSE UK), Metals (Gold, Silver); Currencies (60+ Pairs), Commodities (Oil, Natural Gas).

The launch is part of Scope Markets Kenya strategy of enriching the customer experience while offering clients access to global trading opportunities.

Scope Markets Kenya CEO, Kevin Ng’ang’a observed, “the Sope Markets app is very easy to use especially when executing trades. Customers are at the heart of everything we do. We designed the Scope Markets app with the customer experience in mind as we seek to respond to feedback from our customers.”

He added that enhancing the client experience builds upon the robust trading platform, Meta Trader 5, unveiled in 2019, enabling Scope Markets Kenya to broaden the asset classes available on the trading platform.

Advertisement. Scroll to continue reading.

Loading...
Continue Reading

Trending