Banda Homes has come out guns blazing to defend itself from the allegations of fraud that were sparked by reports circulating on social media indicating that the real estate firm is a pyramid scheme.
Part of the social media article reads, “When Kenyans finally realize the truth and Banda homes cannot get any more deposits, the chicken will come home to roost. Before us will be a developer who has duped us to invest in over 1500 units, mismanaged over Sh.3 Billion of Kenyans money and counting not delivered on any of them (to put this in perspective, some of these estates have only done bush clearing despite having been sold out).”
Moreover, the reports indicated how the controversial firm has been duping unsuspecting Kenyans through their off-plan strategy where the investor pays the deposits and monthly installments for the construction period.
“Banda homes is an off-plan developer meaning they sell off houses at design stage and builds them as monthly installment are paid along the duration of construction. It started out as Dinara developers around 2011, then Lettas developers around 2013, then Banda homes in 2018. The directors mastered the art of rebranding each time after soiling their reputation of not delivering on their projects through mismanagement of funds,” the post reads while adding that “When Kenyans finally realize the truth and Banda homes cannot get any more deposits, the chicken will come home to roost. Before us will be a developer who has duped us to invest in over 1500 units, mismanaged over Sh.3 Billion of Kenyans money and counting not delivered on any of them (to put this in perspective, some of these estates have only done bush clearing despite having been sold out).”
“Problem is more and more Kenyans are still buying into this estates not knowing what awaits them. They are roped in by cheap prices and a vigorous marketing machine ‘The Property Show’ included,” cautioned the source.
However, in its rejoinder, Banda Homes termed the allegations as baseless and slanderous.
From an article posted by @KENYANDIGEST, the malicious actors are the fierce Banda homes close competitors who have run out of ideas on how to outsmart @bandahomesKe in the business.#BandaDelivers pic.twitter.com/OyGv8qpTn5
— Kwale Gunner 🇰🇪 (@Sam_Lulli) February 4, 2019
Who is telling the truth here?