The management of Rural Homes Ltd, developers of Karmo District Market, has apologised to subscribers for the extension of the delivery date from December 2019 to May 2020 and said work is at 70% completion.
The chairman, Malam Musa Dangoggo Aliyu, who addressed some subscribers during an interactive session at the weekend, craved for their patience over the delay, blaming the economy and other factors.
He cited insufficient funding as part of the reason for the delay as most of the funding was based on equity, subscribers and bank loan, lamenting that in Nigeria today only two or three banks gave loans to the real sector, and even then developers get only 50% of what they request as loan, adding that additional taxes are also a burden.
Mal. Aliyu also said the Karmo District Market consists of 2,500 shops of varying sizes (from 4,6,16 up to 100 meters) and designs available for all categories of goods and services and that it is an all-purpose market with facilities for fresh fruit sellers ranging from 4, 9, 18, 25, 50, and 100 square meters and 200 square meters warehouses,
Already, he said, external works have started ahead of the impending rains, including 1,200 capacity parking space, underground drainage channels, plastering, tiling, windows and doors.
He assured the subscribers that past performance suggested about 30% increase in value in the first year, therefore, they have no cause to regret their investments which has guarantee of return on investment, considering his experience from a similar market in Garki when he was MD Urban Shelter Ltd.
