Media Wire Express Correspondent
The Parliamentary Standing Committee on Lands, Natural Resources and Tourism has urged the National Housing Corporation (NHC) to expedite the completion of the Samia Housing Scheme and the 711 projects in Kinondoni Municipal Council.
These initiatives, crucial to President Samia Suluhu Hassan’s legacy, are pivotal for addressing Tanzania’s housing deficit and enhancing urban development.
Project Overview and Progress
The Samia Housing Scheme, named in honor of President Hassan, is a major endeavor by the NHC to build 5,000 modern housing units across various regions, including Dar es Salaam and Dodoma, at a projected cost of 466 billion Tanzanian Shillings. The project’s first phase in Dar es Salaam has seen substantial progress, with 560 units under construction and an impressive 85% already sold. This rapid uptake underscores the scheme’s relevance and attractiveness to potential homeowners.
Meanwhile, the 711 projects in Kinondoni are also part of NHC’s broader strategy to provide affordable housing solutions, contributing significantly to the urban landscape and residents’ quality of life. The Parliamentary Committee, led by Chairman Timotheo Mnzava, emphasized the importance of timely completion, given the government’s adequate funding and the strategic importance of these projects
Economic and Social Impact
NHC’s initiatives are not just about building houses; they are about fostering economic growth and social inclusivity. The corporation has successfully implemented various strategies to boost its financial health, reporting a 78.3% surge in revenue to 257.5 billion Tanzanian Shillings for the financial year 2021/22. This financial strength has enabled NHC to undertake ambitious projects and attract significant interest from local and international investors
The affordable housing units are designed to cater to low and middle-income earners, aligning with the government’s vision of making homeownership accessible to a broader segment of the population. This approach is expected to reduce the housing deficit and improve living standards, contributing to overall national development.
Strategic Partnerships and Future Plans
In addition to its internal efforts, NHC has welcomed 66 joint venture applications from investors following the launch of its revised Joint Venture Policy. This initiative aims to attract private sector investment into the housing sector, enhancing NHC’s capacity to deliver quality housing solutions across Tanzania. The policy has been well-received, with numerous companies expressing interest in partnering with NHC to develop new projects
Looking ahead, NHC is set to launch the Nyumbani Bond on the Dar es Salaam Stock Exchange within a year. This financial instrument is expected to attract further investment, providing the corporation with additional resources to expand its housing projects and meet the growing demand for affordable housing
The NHC’s ambitious projects, backed by strong financial performance and strategic partnerships, are poised to transform Tanzania’s real estate landscape. The timely completion of the Samia Housing Scheme and the 711 projects in Kinondoni will not only cement President Samia Suluhu Hassan’s legacy but also significantly improve the housing situation in Tanzania. With continuous support from the government and private sector, NHC is on track to achieve its goals and contribute to the nation’s socio-economic development.
