HARARE, – The Infrastructural Development Bank of Zimbabwe (IDBZ) is set to start work on its $6 million housing project in Marimba this April with more than 200 people having already signed up for the stands within two weeks of launch, an official has said.

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IDBZ to commence Marimba project in April

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A total of 707 medium to high density stands are to be sold under the bank’s Home Saver facility which is designed to help Zimbabweans save towards the purchase of a residential stand or house.

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The Home Saver account does not attract service and maintenance fees and is also exempted on withholding tax on interest.

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IDBZ Director of Infrastructure Projects, Desmond Matete told The Source that the project would be complete within a year.

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“We will be having graders on the ground as soon as April and we should be done in 12 months if not earlier because the area is not bushy,” he said.

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The 300 square metre high-density stands will cost $13,500 while the medium-density stands at 510 square metres will cost $22,950.

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IDBZ intends to build 30,000 housing units between 2014 and 2018.

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With rural to urban migration increasing in Zimbabwe, there is more demand for affordable housing. Zimbabwe has a national housing backlog of 1, 25 million.

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Harare has a target to deliver 105,000 houses by 2018 under the ZIMASSET economic blue print. – the Source