CFI, prospective home owners clash
Listed agri-industrial firm CFI Holdings Limited has allegedly failed to allocate stands from its residential development Suncrest Park nearly a decade after selling them to prospective homeowners.
The diversified group put the project on the market in 2015, expecting to complete it by October 2016.
But those who purchased the residential stands at a price of US$12 600 have expressed disgruntlement with the group for failing to deliver on their promise eight years later.
CFI asked for a deposit of US$4 410 and monthly instalments of US$747,09 for 12 months; US$401,01 for 24 months and US$287,94 for 36 months.
Aggrieved customers who spoke to The Herald Finance and Business said efforts to engage the group were fruitless, as it had failed to give constant and satisfactory updates on the developments, alternatives or compensation.
“I am one of the many people who got excited about the news of a housing project by a big company and I went on to purchase a Suncrest Park stand from CFI for US$12 600.
“Sadly, to date, CFI has not delivered on that project and follow-ups through their offices have not yielded any tangible answers,” said one Dr Hamilton Kakwere.
“Right now, CFI claims the land was invaded (by illegal occupiers) while under development and they got a court order to remove the settlers back in 2018/19 but up to now they have not removed the invaders. Removing invaders when you have a court order is like a walk in the park, easy as you like but they have not done it. Why?” queried Dr Kakwere. Suncrest Park was put on the market in 2015 comprising 635 high-density residential stands, with an average size of 300 square metres situated along Amalinda road, South-West of Harare City Centre.
The project is basically an infill residential development as it extends southward of the already established Glen View 7 residential township, which lies northward of Amalinda road and separates these two developments.
According to the project profile, the proximity of established servicing infrastructure like the Amalinda Road, which links the project to routes to the
Harare city centre, and a trunk sewer pipe running through the boundary of the project confirms its status as an infill development. CFI promised the market the project would have services such as tarred access roads and storm water drains, sewerage and water reticulation systems.
The group indicated in 2015 that “servicing of roads, sewer and water reticulation are already being deployed on the 27-hectare estate and we estimate that the project will be fully completed by October 2016.” CFI recently indicated that it planned to develop houses for Harare’s low end market, as part of initiatives to reduce the current huge housing backlog in the capital.
Group chairperson Itai Pasi said this will be one of the group’s key priority areas this current financial year.
“Priority will also be given to the development of low-cost housing delivery in Harare South in support of Government’s Vision 2030 on housing,” she said in an update for the year to September 30, 2022.
At Suncrest Park, she said, the group progressed preparations of title surveys and completion of engineering drawings while legal proceedings remained pending before the relevant tribunals for Langford Estates.
However, news of more residential developments by the group have irked prospective home owners who bought into the Suncrest Park, who feel short-changed by the group.
“We were surprised to see an article in The Herald about their (planned) residential developments yet we haven’t received anything since we bought into Suncrest in 2015, this is worrisome,” said one of the buyers.
“We bought these stands in 2015 and finished instalments around 2016 or 2017.
“Unfortunately, when we were supposed to get our stands we were told they had been invaded by illegal settlers and therefore we could not occupy them.
We tried communicating with CFI lawyers who had us sign agreements of sale but all to no avail.”
The Suncrest Park project profile listed Reston Developers, a joint venture property development company between CFI Holdings Limited and Craftcall Investments (Private) Limited.
Responding to questions from this publication, CFI company secretary Panganayi Hari said there was progress at Suncrest Park stands, with sewer and water reticulation systems already in place and ready to be connected once all processes had been completed.
“We have been on the ground and a lot of work has been done,” he said.
He, however, said the group could not divulge more details about the development due to a pending court case, although the group indicated the
scourge of illegal settlers on the land in question.
“There is a pending court case involving stakeholders and therefore the matter is prejudice and we can’t comment further suffice to say we hope
everything will be finalised soon.
“Legal action has been instituted and matters are currently pending in court. The issues are therefore subjudice,” he said.
In 2017, the group was embroiled in boardroom squabbles on allegations of corporate governance deficiencies with its former directors and one of
the stormy issues involved the controversial sale of Langford Estate to Fidelity Life Assurance in a land for debt swap deal.
-herald
