Addis Ababa Finalizes Plans to Transfer 40/60 Condominiums

December 23, 2016 - Addis Ababa Saving Houses Development Enterprise said that preparations are finalized to transfer 1,292 houses under 40/60 housing scheme.

Communication work process head with the enterprise, Yohannes Abayeneh told WIC that preparations are finalized to transfer about 1, 292 houses recently from the total  of 39, 229 houses under construction during the last three and half year.    

According to Yohannes, houses of 40/60 housing scheme are under construction in 13 construction sites. The construction of 1,292 houses found in  senga tera and crown sites were completed and ready to transfer for beneficiaries, he reiterated.  

The enterprise undertaking all the necessary activities to transfer the documents of the houses for the Commercial Bank of Ethiopia (CBE) in which it has the mandate handover the houses to beneficiaries soon, he indicated.     

The enterprise has only the authority and responsibility to build the houses of the 40/60 housing scheme, Yohannes stated. The commercial bank begins its procedures to receive the finalized houses of two sites of the scheme, he added.    

Yohannes noted that government is expected to approve the house transferring rule and price appraisal studied by different stakeholders.  Houses will be transferred to beneficiaries immediately after government passed the two decisions, he underscored.      

The housing scheme has begun to built about 18,500 houses in the second phase, most of them thrown up to 9th floors up , Yohannes stated. The third phase of the housing scheme begun in the first half of 2016 EC is 25 percent completed, he reiterated.    

Furthermore, the 40/60 housing scheme was able to create jobs for over 21, 000 people’s in the last budget year, Yohannes underlined. The scheme is also enable to create 208 million birr market linkages for over 500 associations engaged in small and micro activities, during the last budget year, he underscored

40/60 housing scheme has targeted to make beneficiary of middle income citizens, and about over 155,000 people have continued to save from the total people registered in the 40/60 housing project before three and half year.  (Walta)