High demand for Turn Key homes – financial institutions providing loans starting at $5M
Through one of their innovative initiatives, the ‘Turn Key’ homes, the Government of Guyana, in partnership with New Building Society, several financial institutions and private sector companies, is providing hundreds of citizens with access to a house and land starting from $5M.
Alluding to the magnitude of the demand for these homes, located in several communities along the East Bank corridor, Housing Minister Irfaan Ali said, “There are 30 in phase 1 and 80 in phase 2, there is a demand for more than 400 so we still have 320 to complete.”
A moderate income housing scheme at Providence, East Bank Demerara
He explained too, that close to $300M has been invested in the preparation of the designated communities, this includes the installation of water mains and infrastructural works.
“This all forms part of the Macro Development Plan,” Ali announced.
The Housing Minister pointed to the multiplicity of benefits that will accrue from investments made in these new schemes; key among them is the promotion of greater connectivity among communities.
In terms of accessibility to the new schemes and the existing schemes the infrastructural development in terms of roads is massive.
Minister Ali said, “The formation of these communities also promotes connectivity, the roads now link Peter’s Hall, Providence, Mocha and Herstelling. These areas are already connected, taking the future into consideration.”
“Persons travelling along the East Bank will no longer have to depend on one road to get into town. They now have at least three to four connecting roads,” the Housing Minister continued.
Overall $4.5B has been invested in infrastructure works and almost $6B has in land acquisition. This year, Minister Ali pledged that another $4B will be injected for development along the East Bank Demerara.
Guyana is at a defining moment in its history when a large number of citizens are becoming home owners. Partnerships with the financial institutions have seen more low income earners having access to low cost mortgages to purchase or construct their homes.
The distribution of 30,000 new house lots by 2015, a re-migrants’ housing scheme, the ‘Turn Key’ project and other special programmes for young professionals and single persons are among some of the plans of the Ministry of Housing for the next five years, all aimed at changing the social and physical landscape of the country.
The Minister has assured that the thrust to provide 100 % access to housing goes well beyond the dimension of the economy and the owning of a house, and seeks to enhance self esteem and family life. - (Housing Ministry)
