The investors, who are primarily Kenyans residing in the USA and Kenya, chose Malindi for its proximity to the airport, pristine beaches, and nearby national parks.
The completion of this phase is anticipated to take three and a half years. The prices for these units are Sh2.35 million for a one-bedroom, Sh3.49 million for a two-bedroom, and Sh4.39 million for a three-bedroom apartment.
The government has also allocated Sh15 billion for social housing units and Sh14.7 billion for social and physical infrastructure.
Ruto said the Supplementary Appropriation Bill will unlock resources for catalysing economic performance and enhance the government's service delivery.
This follows a decision by the US International Development Finance Corporation (IDFC) to double its commitments to Kenya's development, with investments worth at least $1 million in energy, e-mobility, and infrastructure.
The 2024 Economic Survey by the Kenya National Bureau of Statistics (KNBS) reveals that in 2022, only 1,390 units were constructed.
Instead of forcibly evicting communities that have already experienced great hardship, if the government has no alternative option for them, policymakers should tap into their knowledge.
Justices Olga Sewe, John Chigiti, and Josephine Mongare will preside over consolidated cases, which include a petition filed by 22 senators, led by Busia's Okiya Omtatah.
KRA reiterated that individuals, who pay the affordable housing levy, shall be entitled to affordable housing relief.
The Housing PS revealed revealed the establishment of a governing board comprising diverse stakeholders tasked with supervising the allocation of housing levy funds.
In the matter filed as urgent, the petitioners have accused the state of violating the Constitution on the distribution of functions between the national and county governments, imposing a tax with a faulty legal framework.
The new law provides for the affordable housing levy at the rate of 1.5 per cent of the gross income of a business or an individual and a matching contribution of the same amount in the case of employers.
The aim is to create affordable housing for low- and middle-income citizens while creating job opportunities for at least a million Kenyans, CS says.
The estate has a total of 365 housing units mainly occupied by civil servants and a few others who are not government employees.
LSK President Eric Theuri says there is no legal basis for the deduction, which he said constitutes contempt of court and the arbitrary imposition of tax.
This paves the way for President William Ruto's government to collect levies for the implementation of the housing project.
Residents in those areas have been directed to vacate their homes after clearing any outstanding rent arrears, utility bills, and service charges.
Under the amended bill, various entities, including county governments, the National Housing Corporation, the State Department of Housing, and the private sector, will be tasked with implementing housing projects.
The bill has been forwarded to the Senate since some components of the proposed amendments are attached to the county governments.
