More than 66 local and international firms dealing in Real Estate investments have shown interest to enter into joint ventures with the state-owned National Housing Corporation in undertaking a number of major construction projects.
Following the huge number of applicants, the National Housing Corporation (NHC) is now scrutinizing the interested firms to see those with potential to work with the state giant in realizing its plans to transform the country’s landscape with better residential and modern commercial properties.
Last year, NHC opened a special window for eligible and interested companies to apply for joint venture opportunities in the development of its various building plots under the corporation’s Joint Venture Policy of 1993 and its various amendments of 1998, 2006, 2012 and 2022, respectively.
Muungano Saguya is the National Housing (NHC) Public Affairs and Information Manager.
According to Saguya, the corporation has been getting more applications than anticipated.
“We have received offers from more than 66 firms from within and outside the country,” he reveals.
But until going to press more applications were still pouring into the NHC mailbox despite the fact that the deadline for receiving such documents was set for November 30, 2022.
But it seems the NHC will still consider the applicants that are still sending in their letters two months after the deadline.
Saguya explains that what the corporation needs are partner firms that adhere to high quality and affordable costs for Tanzanians who wish to rent, buy or invest in the NHC properties.
“As per our regulations, interested firms must qualify in terms of financial capability to undertake major projects, professional capability, ability to deliver in time and their ability to mobilize resources in undertaking real estate development projects,” added Saguya.
The candidates were requested to submit to NHC their project proposal concepts, company profile, company registration documents, demonstration of ability to mobilize resources in undertaking real estate development projects, audited financial statement for the past three years, demonstration of relevant expertise as well as skills and experience in undertaking real estate and related development projects.
NHC
After being verified by the NHC management, names of the eligible companies will again be run through another technical screening by the Corporation’s board of directors before the final confirmation.
“The screening exercise and selection adhere to strict, fair and transparent methods,” the NHC official assured.
“The NHC Joint Venture Policy runs in four major categories, including Land as Equity Contribution (LEC), Land and Finance as Equity Contribution (LFEC) Revenue Sharing Model and the Long-term Lease Model (LLM),” Saguya explained.
The National Housing Corporation (NHC) is a statutory body established by an Act of Parliament Cap. 117. The primary mandate of NHC is to play a role in the implementation of the Government’s Housing Policies and Programs.
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