THE National Housing Corporation (NHC) has posted a profit of 21.8bn/- between July 2023 and February this year which is equivalent to 76 percent of the targeted amount of 28.6bn/- for the financial 2023/2024.

Hamad Abdalah, NHC director general said this in Dar es Salaam yesterday when briefing members of the   Parliamentary Public Investment Committee (PIC) who visited three projects in the city, namely the Morocco Square, 711 and Samia Housing Scheme.

 He said NHC has so far paid different taxes to the government amounting to 22.01bn/- in the period between July 2023 and February this year.

 He said by June 31 last year, NHC’s total assets had reached 5.14trn/- as per the Controller and Auditor General’s report, growing at 12 percent annually for a period of three years consecutively since 2019.

 Hamad named the projects currently implemented by the corporation as redevelopment (pulling down old houses and building new ones), construction of satellite cities and affordable housing.

 “Our desire is to see more people invest in real estate to overcome an increase in demand for housing,” he said.

 The NHC boss said in the financial year 2023/2024 the company planned to spend 109bn/- but up to February this year, it spent 62.5 bn/- equivalent to 57 percent.

 He said that all houses in the Samia Housing Scheme were sold, adding that for Morocco square soft opening of businesses had started.

"PIC has made a big contribution to our success. At this juncture, I would like to thank the committee for its contribution to ensure the real estate sector moves forward, “he said.

 PIC Chairman Deus Sanga commended NHC for the progress achieved so far in implementing its strategic projects.

 He said that upon completion, the projects will increase employment opportunities and generate revenues to the government.

 “I’m informed that all houses at Samia Housing Scheme are sold out. Business of this type will help to recoup the funds used in the construction on time,” he said.

 Sanga said the committee will be on the forefront to push the government to amend some laws to enable Tanzanian Diaspora   to invest in real estate.

 “Our role as committee is to advise the government and indeed, this is going to be our first priority to ensure our people in the diaspora invests in real estate,” he added.

 He said Tanzanian diaspora have financial capacity to invest and therefore, their contribution should not be understated.