If you are just catching up, the internet has been full of stories of
customers explaining their missed promises by Lesedi Developers. Buoyed by
publicity from celebrities and social media influencers, Lesedi developers
Limited offered plots for sale in areas like Juja, Nakuru and Muthaara. The
company was also heavily promoted through vernacular radio stations.
By offering land just by depositing as low as Ksh 30,000, investors flocked
there with their savings.
It is becoming evident that some of the investors may end up losing their
hard-earned money in land transactions gone sour.
Last week, investors attacked the headquarters of Lesedi Developers in
Thika, accusing the business of breaking its promise to reimburse them and demanding
their money back.
Addressing the press, the angry investors, one by one, narrated their
painful ordeals. They recalled how they learned about Lesedi Group through
mainstream media advertisements and went for a site visit.
Details of owners who have their houses demolished, bouncing cheques and
lack of Title deeds flood the Internet as part of the failed promises. Billions
are now at risk of loss.
Mr. Geoffrey Kiragu is the founder, CEO and owner of Lesedi Developers,
which has offices in Thika. In
a previous media interview, he had explained how a founder scammed people
billions in the US as his source of motivation. This should have been a red
flag, but we missed it.
"I concur that we have sold land with a value of approximately one
billion shillings, and we apologize to the investors for any misunderstanding
this may have caused. Give us some time, and we will deliver," stated Mr.
Kiragu in a story ran by The Nation.
According
to Nation, Mr. Kiragu has already created a second land-selling firm called
Tunza Realtors Limited. This company is selling property in the same area as
Lesedi Developers, which has resulted in multiple allocations of land.
If you are one of the affected real estate investors, what do you do? Our
advice is to continue following up and seek legal redress.
If you plan to buy properties, this potential loss should not keep you
off. We have guidelines below to help you stay woke.
Process
of buying land in Kenya
10
most important questions to ask when buying land in Kenya
Who
Should Be Involved in Your Land Transaction in Kenya?
Never
Buy These Types of Land in Kenya
9
Mistakes to Avoid When Buying First Property in Kenya
Never
Buy Land in Kenya if You Don't Know This!
Here is a video of the developing story in Kikuyu
https://www.youtube.com/watch?v=AUGVETO02qI
With the above information, we hope that you will have proper knowledge before
you make your next real estate investment decision.
If you have any questions or comment, let us know in the comment section
below.
Update: Lesedi Developers respond to ‘Misleading and Malicious’ Information
