According to The Independent, on March 21 this year, Real Muloodi Sudhir Ruparelia’s children, Rajiv and Sheena Ruparelia, launched a new luxury condominium property. Condominiums are crucial in addressing the Uganda housing crisis.
They have named the nine-tower building ‘Bukoto Living’ after the affluent suburb of Bukoto in which it is located. The property borders Naguru and Ntinda and boasts 27 modern condominium homes.
From the rooftop, Ruparelia’s Bukoto Living exudes a 360 view of the whole of Greater Kampala. The property is about 20 minutes from Kampala’s city centre. It boasts easy access to shopping, schools and medical facilities all within a 2 km radius.
Bukoto Living offers a swimming pool, rooftop bar, terrace, restaurant, and a recreational area. The cost of the homes range between US$168,000 and US$ 362,250, depending on the size.
This latest Ruparelia project joins an emerging market of condominiums, including Bugoloobi Flats, Bukoto Flats, and others. Such properties provide Ugandans searching for homes with a variety of appealing choices.
Condominiums; The Solution to Uganda Housing Crisis
A condominium, or ‘condo’, is a building or complex of buildings containing individually owned apartments or houses, surrounded by communal areas that are jointly owned. These homes are independently sellable and therefore regarded as real estate.
The government enacted the Condominium Property Regulations in 2002 to regulate condos. Ugandans are embracing them nearly 20 years later. And given Uganda’s short supply of housing, this is important.
For a country with the world’s fastest-growing population at 3.5% per annum, condos could be the solution to Uganda’s Impending Housing Crisis.
With the current construction rate standing at 60,000 units per annum, The Independent reports that experts warn of an eight million housing deficit in ten years. Experts are calling for more sensitisation of the public to invest in land-saving condominium projects.
According to Knight Frank, a leading real estate property and consultancy firm, Kampala has the most expensive housing in Uganda. The average two-bedroom apartment in Kampala is US$280,000 and the average three-bedroom is US$325,000.
About Real Muloodi Ravij Ruparelia
Rajiv Ruparelia was recently named in the Tuko list of Top 10 Richest Kids in Africa. The only son of the Ruparelia family, he serves as the Managing Director at Ruparelia Group. Rajiv’s father and mentor, Dr. Sudhir Ruparelia, introduced him to business at 17 years old where he employed him as a porter. Later, his father employed him as a construction laborer, before promoting him to the position of a bank teller. Rajive received a Bachelor of Business Administration degree at Regent’s University, London, where he majored in Financial Management. He returned to Uganda in 2014 and is now in charge of the Group 28 businesses and over 8,000 people.
About Real Muloodi Sheena Ruparelia
The youngest daughter of the Ruparelia family, Sheena serves as the Director at Ruparelia Group. She joined the Group after completing her Economics and Accounting degree at the City University, London. She started as Business Development Manager of the former Crane Bank, until the bank closed in 2016. She then joined the Group as a Director in 2017. Sheena is primarily involved with the hospitality and property arms of the Group, according to PML Daily
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