Embattled property developer Banda Homes has officially been placed under liquidation, bringing about a turn in a months-long saga of financial trouble and unresolved grievances from homebuyers.
The High Court, in a ruling issued on March 13, 2025, appointed Mark Gakuru as the official liquidator.
The notice, published in the Kenya Gazette, confirmed that all company affairs are now under the control of the Official Receiver.
“No action shall be taken against the company without the consent of the liquidator or the court,” read the notice, citing Section 560 of the Insolvency Act.
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The liquidation follows a string of complaints from disgruntled clients who accused Banda Homes of delaying construction, failing to deliver promised amenities, and handing over units that did not meet expected standards.
Pressure from homebuyers had escalated, with many threatening legal action and eventually initiating insolvency proceedings against the developer.
As part of the liquidation process, the liquidator scheduled a creditors’ meeting for June 10, 2025.
The collapse of Banda Homes adds to growing concerns about oversight in Kenya’s real estate sector—particularly in the off-plan housing segment—where buyers often carry the burden when developers fail to deliver.
