Conrad Mwanawashe Business Reporter
Government will channel $30 million towards capitalising the National Social Security Authority’s newly licensed National Building Society, the Minister of Labour and Social Welfare, Prisca Mupfumira has said. As reported in September, the National Building Society is expected to spearhead low-cost housing around the country. “We have registered the National Building Society which will be capitalised to the tune of $30 million to ensure that people can build on their stands,” said Minister Mupfumira.

The authority will transfer its land bank to the building society.

NSSA’s real estate business is huge and its property portfolio includes the Beitbridge Hotel, the plush Celestial Park along Borrowdale road. The authority also boasts of shopping malls in Gwanda, Bindura and other centres countrywide while construction of the $6,5 million shopping mall in Chipinge is underway.

In Masvingo, NSSA is developing 683 residential stands in Runyararo West and has other land investments in Chinhoyi, Karoi, Chegutu and Kwekwe. The authority has serviced about 500 residential and commercial stands, a school, church and flats in the first phase.

In the second phase NSSA will service 1 600 high-density stands.

Following the registration of the National Building Society, the authority is expected to transfer the properties into the management of the new set up.

The new building society will be strategic as NSSA targets the 1 000 new units per annum under the Zimbabwe Agenda for Sustainable Socio-Economic Transformation policy framework.

Under the National Housing Delivery Programme (2014-2018), Government is targeting to deliver 313 368 fully constructed housing units or serviced stands, with the beneficiary being the main contributor, and Government is providing land and bulk infrastructure services.

The current national housing back log stands at about 1 250 million units.

In order to meet the target, private developers and housing co-operatives were introduced to complement Government’s efforts to provide affordable housing.

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