Urithi Housing Co-op Society Limited has launched development of 5,000 low-cost housing units on 100 acres at Birmingham Woodlands Estate off Thika Road.
Sales manager Gabriel Ng'ang'a says the company is targeting an annual turnover of Sh4 billion up from Sh100 million seven years ago.
The company has 26,000 members but targets to upscale the number to 50,000 as it seeks to partner with the government to help achieve the national housing agenda by 2022.
Mr Ng’ang’a said a major risk dogging private housing finance institutions is corrupt government land officials who seek bribes to approve land and buildings without due regard to the law.
“As such, we are witnessing the building sector incur heavy losses after the law catches up with those with irregular approvals, leading to demolitions of prime developments,” he said.
Urithi has asked the government to fully digitise the land and housing sectors so that transactions become a one-stop shop business and deliver reliable information.
The sacco also wants the government to arrest and prosecute all those who have approved land transactions and building plans that ended up in demolitions.
''It is only after the culprits have been arrested and convicted that the industry will acknowledge that bending or breaking the law for short term gain is defeatist,” he said.