Urithi, Family bank agree on partial discharge of Panoroma project

Urithi Housing Cooperative has agreed on an out of court settlement on its disputes arising from money owed to Family bank, Urithi Chairman Samuel Maina has said.

This after the High Court last year authorized Family Bank to auction 104 acres piece of land owned by the Sacco to recover Ksh 315.1 million owed by the housing cooperative.

Maina, says the Sacco is now back in most of its construction sites saying, “We have been in discussions with Family Bank to sort the dispute with the members over the Panorama Gardens project.

Maina says Family Bank has now given Urithi Housing a partial discharge on the Panorama project which has more than 500 plots.

“We hope titles will be out in five to six months. This is a big and important step for us since members will get back their plots whose titles had been withheld by the bank,” Maina told about 200 investors in the project during a meeting.

He said the Sacco has adopted the Member Operated Model to deal with the project’s investors, the Sacco management and Family Bank.

“Panorama was one of the projects where we had problems, but we have reached an agreement between the members and the bank that Panorama plots will now go back to the members, a major breakthrough in the revival journey of Urithi. Those who had finalised their payments will get their plots back,” he told the investors.

Maina assured those who have invested in Urithi that they will get what is rightfully theirs saying discussions are ongoing in regard to projects such as Osteen Terrace Gardens (OTG), Birmingham and Ruby Gardens among others.

“The court cases and injunctions have been withdrawn. Other members of various projects will soon be called into separate meetings to get an update and adopt the same model on their projects,” he said.

Thanking the bank and investors in the project, Maina said the Sacco will soon reach out to investors in other projects even as he called for patience on projects that have not resumed,