A partnership between the African Development Bank (AfDB) and the Government of Kenya to promote sustainable development and economic growth has led to the construction of an eight-lane ultra-modern expressway, also affectionately known as ‘Nairobi-Thika Superhighway’.
The project that was estimated at around US $360 million was approved by the AfDb in November 2007 and was provided with a financial package of US $175 million for civil works and consultancy services and a US $5 million for feasibility study and a detailed design of a mass rapid-transit system. The Kenyan government, in addition, contributed US $80 million and the Exim Bank of China contributed US $100 million to the project for which the work started in 2009 and was completed in 2012.
Effects of Thika Superhighway on Real Estate Development in Nairobi
Thika Superhighway has turned out to be a driving force for the country’s economic development. It has helped integrate Africa and improve the living conditions of Africans. It has improved the accessibility, affordability, and reliability of the transport infrastructure of the country. The advantages of the superhighway have attracted various businesses from supermarkets, car dealerships to hotels and real estate.
One such meticulous construction along the Thika superhighway is Mi Vida, a new residential development project that is a joint venture between Actis and Shapoorji Pallonji Group. Launched in July 2019 to address the shortage of middle-income families, Mi Vida Homes promises to offer 3000 middle-income housing units over the next 5 years. Mi Vida Garden City Nairobi is the perfect combination of innovative design, modern engineering, trusted construction, and an on-time delivery record.
What does the research say?
As per research, urban sprawl has followed the construction of the Thika superhighway of the Nairobi metropolis in Kenya. It suggests that with the improvement in infrastructure and less travel time, the city of Nairobi has also expanded in a direction where people want to settle in areas that are in close proximity to the roads for accessibility benefits.
The areas around Thika superhighway enjoy high returns, several times over areas such as Kitengela, Mlolongo and Rongai.
Due to the rising prices of residential properties in the Kenyan city of Nairobi, the real estate industry has been booming. This is mainly attributed to the development of the Thika superhighway that has improved transport networks, social amenities, industries, educational institutions and commercial centres.
In other words, the construction of Thika Superhighway has in all ways helped the real estate industry grow and expand in a sustainable way.
