Investors of a Thika-based real estate firm can now heave a sigh of relief after the firm started issuing title deeds for parcels of land they had bought.
The company, Lesedi Developers Limited, has already successfully processed 150 title deeds for its Kithimani project in Machakos County.
The move has gestured hope for clients who have been waiting to receive the crucial documents.
In another breakthrough, the firm has secured the mother title deed for some six acres in Muthara village, Juja from the original property owner who had previously held the ownership document for years over delayed payments.
The parcel has been at the centre of a protracted dispute pitting the company and hundreds of investors.
The developments could help unlock a longstanding deadlock between the firm’s founder Geoffrey Kiragu and hundreds of investors who have been waiting for their properties.
Kiragu was sued by investors and has been out since October last year.
He was freed on a Sh5 million bond with a surety of a similar amount.
In court, Kiragu explained that the Muthaara project title was initially held by the property owner, a move that had complicated the transfer process.
However, the court’s intervention has since resulted in the surrender of the crucial document, which is now under the name of Lesedi Developers.
With the mother title deed now in their possession, the firm hopes to fast track issuance of title deeds to the affected clients.
Kiragu in a statement expressed the company’s commitment to resolving the venerable disputes promptly to facilitate settlement.
“I believe this move will restore the client's confidence and pave the way for the company's revival,” he said.
He emphasized that securing and issuing title deeds is a top priority for the firm whose offices have since been relocated to Thika GateWay Plaza along Thika-Garissa Road.
“We are planning to have a mass title deed issuance to clients who purchased the Kithimani project on a date we shall announce soon,” he stated.
