RUTENDO CHIRUME
MASVINGO- Masvingo City Council (MCC) is working on partnering with the government owned national building society (nbs) to service 720 Rujeko D high density residential stands.
This came out during a full council meeting held last week on Monday at the Civic Centre where the Town Clerk, Engineer Edward Mukaratirwa revealed that the the council is now working on paperwork to seek approval from central government before implementation of the partnership.
Eng Mukaratirwa also said that the recommendations were made after a thorough vetting of investors who have come forward and showed their interests to partner MCC in developing the newest residential area.
“Council intends to develop 720 high density residential stands together with the related institutional and commercial stands. Management has engaged a number of institutions who came and made presentations.
“Amongst the presentation done by nbs presents more benefits to council since it is a building society wholy owned by the government of Zimbabwe.
“nbs is proposing to provide financing for the project while council offers land as its equity in the partnership. After the servicing of the stands, nbs will cover its funds on sale of the stands. Also related to this, council has committed to assist its employees by providing them with residential stands on this scheme and nbs has also committed to build core houses for the employees, the financing of which will be hedged on the employee’s pension,” he said.
