Residents of a slum in Nakuru town are sitting on a gold mine as land prices shoot through the roof. Unfortunately, they can only watch as the cash flows.
Most residents of Bondeni Estate only have allotment letters but cannot afford the cost of processing title deeds for their plots located less than a kilometre from the town’s central business district.
The high cost of land registration is out of reach for the residents, most of whom are hawkers. Yet, this would change their fortunes immensely.
Land measuring 100 feet by 50 feet costs between Sh10 million and Sh15 million, while an 80 feet by 50 feet plot goes for between Sh7 million and Sh10 million. The area is estimated to be one of the most expensive in Nakuru Municipality.
The increase in land prices has been spurred by the construction of modern housing by private developers, which has helped spruce up the slums. Residents are itching to sell off their property and cash in on the boom.
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Further, the area has been listed among those to benefit from the Kenya Urban Support Programme (KUSP), which is funded by the World Bank. County Executive for Housing, Infrastructure and Planning Francis Mwangi said the project could see the prices of the plots double or triple.
“Bondeni slums is in a prime area and happens to be lucky to be among informal settlements set to benefit from the KUSP II,” he said.
The first phase of KUSP saw the infrastructure in Kwa Rhonda slums elevated to that of a mid-level estate.
Mr Mwangi said the involvement of the World Bank would help some residents acquire title deeds for their plots in a process that will involve surveyors and planners, before the final issuance of the documents.
