THE Gweru City Council plans to develop residential and institutional stands at a total cost of US$56 million, acting finance director Owen Masimba has said.
Masimba said the development of the stands was part of council’s participation in the national housing development programme.
“As council, we are participating in the national housing development programme that will see the development of residential and institutional stands,” Masimba said.
“The project, which is currently at the memorandum of agreement stage with a joint partner will see the Ivene Extension housing project having 2 227 residential and institutional stands being developed at a total cost of US$56 million.”
The local authority had also budgeted $23 million for the servicing of Mkoba 21 residential stands.
The joint venture project in Mkoba 21 was still at the expression of interest stage.
Some 6 733 stands were unveiled to potential buyers four years ago, but the cash-strapped local authority has been struggling to service the land.
Last year, beneficiaries of the Mkoba 21 stands threatened to pull out of the scheme, owing to the slow pace in the servicing of the area.
The local authority said it wanted to increase residential accommodation to 28 000 housing units by last December, but it is yet to realise that feat.