Ruparelia Group of Companies the biggest landlord in Kampala’s central business district has for the first time put up the property for sale.
The property magnate under Meera investments has unveiled that Tagore Living apartments, the Group’s first built-to-sell residential condominium project located along Kira Road will be sold under the Co-ownership Act.
The building was opened by the Ruparelia family matriarch Jyostna in presence of directors Rajiv and Sheena Ruparelia.
Jyostna Ruparelia, a director at Ruparelia Group, said that Tagore Living offer buyers a unique one-off opportunity to invest in development – either as a long term rentable investment or to live in.
“Tagore Living is aimed at creating an opportunity for both Ugandans and foreigners to invest and own property in Uganda, for either residential or investment purposes,” Jyostna said, adding: “It is a residential project with luxurious and elegant living experience.”
Jyostna revealed that the project has 28 apartments. “We started selling these apartments off-plan,” she said, adding that each apartment is well priced, giving anyone an opportunity to own the apartment with flexible payment plans.
“These apartments are affordable and with good payments plans. The land is becoming more and more expensive. It’s becoming impossible to buy land and build a house by the time you are 30. And many young families are looking to move out and have their own space. That’s why we have come up with this build to sell apartments,” Sheena said.
The building has two and three-bedroom apartments, built up to world-class standards.
“The benefits of living in an apartment is about service. Your public areas are maintained using a service charge and your security is guaranteed,” she noted.
“Rather than take years and years to build your own houses, this makes more financial sense. You have a property that is available for you instantly. You can move in, you can use it as collateral. We can also provide financing as Ruparelia Group and you get to invest in the property business,” Sheena said at the opening.
Sheena revealed that the building has been put up in about 18 months. “We had a few delays because of lockdown but we strived to hit the timeliness and now you can see our final product,” she said.
The apartments start from $210,000 but Sheena said they have flexible payment terms to ease cash flows and to allow affordable for all interested people.
Jyostna Ruparelia said land is becoming very expensive, making it difficult for people to build houses. “That’s why we have come up with build- to sell apartments. It makes financial sense; you have a property instantly. You can move in and use it as collateral instead of building slowly,” Jyostna said.
She noted that the apartments are state of the art. “They are built in a way to avoid as much maintenance as possible,” she said, adding that security, water and electricity are all guaranteed. The apartments have 2-3 bedrooms.
Asked about the costs of the apartments, Jyostna said: “We have apartments starting from US$210,000 (Shs772.7m), but we have flexible payment terms to ease cash flows and make it affordable for everyone.”