Family Bank, Urithi Housing agree to settle property auctioning dispute out-of-court
Urithi Housing Cooperative Society has reached an out-of-court settlement with Family bank following a dispute based on money owned by the lender.
The dispute, court records show, arose in 2021 when the High Court okayed Family Bank to auction 104 acres of land belonging to the Sacco.
This, according to Urithi Chairman Samuel Maina , was in a bid to recover Ksh.315.1 million owed by the housing cooperative.
In terms of the joint settlement agreement outlined by the parties, Maina confirmed that more than 500 plots have been given out to Urithi as a partial discharge on the Panorama project.
“We have been in discussions with Family Bank to sort the dispute with the members over the Panorama Gardens project. We hope titles will be out in five to six months. This is a big and important step for us since members will get back their plots whose titles had been withheld by the bank,” Maina told about 200 investors in the project during a meeting,” said Mina.
He added that those who have invested in Urithi will receive what is rightfully theirs noting of successful ongoing discussions in regard to projects namely Osteen Terrace Gardens (OTG), Birmingham and Ruby Gardens among others.
“The court cases and injunctions have been withdrawn. Other members of various projects will soon be called into separate meetings to get an update and adopt the same model on their projects,” he said.
Late last year, the cash-strapped society saw over 300 of its investors who bought land in Gatanga, Murang’a County initiating a plan to bail out their property from being auctioned by Family Bank.
This amounted to a tune of Ksh.70 million to stop the lender from selling their land located along Thika- Gatanga road.
The bank had given the management of the society up to December 17, 2021 to raise the amount or risk losing the prime land after the High Court allowed the bank to sell 104 acres of land to recover a debt of Ksh.320 million.
Urithi Housing has now pledged to reach out to investors in other projects even as he called for patience on projects that have not resumed.