Real estate developer target suburbs
May 02, 2010
TIRUPATI Development, an Indian real estate company, is set to unveil its second condominium property for Ugandans towards the end of this year, a top official said over the weekend.
By Ricks Kayizzi
TIRUPATI Development, an Indian real estate company, is set to unveil its second condominium property for Ugandans towards the end of this year, a top official said over the weekend.
Miraj Barot, the marketing manager, said three floors of the five-storey $10m (about sh20b) Mazima Mall have been completed, while all the material required for its completion had been procured.
“We are riding on the positive response we got from the public for our Ovino Mall in Kisenyi.
“This is our second attempt to sell condominiums to businesspeople in this country and we haven’t been disappointed,†he said.
The mall, which will have 250 shops, restaurants and offices of 20sq metres each, is located opposite the American Embassy on Ggaba Road.
“The housing sector is growing fast and people have started appreciating the concept of having a one-stop centre for all their business needs.
“That’s how we have managed to convince them to procure space in this and other malls we have erected,†said Barot. He said they had managed to sell a sizable number of units under a 49-year renewable lease arrangement.
Under this arrangement, buyers pay a 10% commitment fee, and the remaining amount in 18 months. They may occupy the facility as they continue offsetting the installments.
Congestion in the city centre is driving businesspeople to operate in the outskirts of the city in Kamwokya, Bukoto, Kololo and Lubowa.
TIRUPATI Development, an Indian real estate company, is set to unveil its second condominium property for Ugandans towards the end of this year, a top official said over the weekend.
Miraj Barot, the marketing manager, said three floors of the five-storey $10m (about sh20b) Mazima Mall have been completed, while all the material required for its completion had been procured.
“We are riding on the positive response we got from the public for our Ovino Mall in Kisenyi.
“This is our second attempt to sell condominiums to businesspeople in this country and we haven’t been disappointed,†he said.
The mall, which will have 250 shops, restaurants and offices of 20sq metres each, is located opposite the American Embassy on Ggaba Road.
“The housing sector is growing fast and people have started appreciating the concept of having a one-stop centre for all their business needs.
“That’s how we have managed to convince them to procure space in this and other malls we have erected,†said Barot. He said they had managed to sell a sizable number of units under a 49-year renewable lease arrangement.
Under this arrangement, buyers pay a 10% commitment fee, and the remaining amount in 18 months. They may occupy the facility as they continue offsetting the installments.
Congestion in the city centre is driving businesspeople to operate in the outskirts of the city in Kamwokya, Bukoto, Kololo and Lubowa.