New levy for developers of Sh5m houses

The cost of owning a home for middle-income earners is set to rise further as Lands secretary Charity Ngilu prepares to re-introduce a Bill in Parliament that imposes a 0.5 per cent levy on the project’s value.

Developers whose projects exceed Sh5 million will pay a construction levy of 0.5 per cent of the value of the contract before they can start work if the House approves the Bill.