HomeNewsCBZ Bank renews hope in Victoria Falls housing scheme

CBZ Bank renews hope in Victoria Falls housing scheme


CBZ Bank has assured beneficiaries of its housing scheme in Victoria Falls that they will not lose out after it emerged that some of the residential stands had been double-allocated by the council.


In a statement, CBZ Bank said the mix-up was now being rectified.

This follows reports that 1 309 beneficiaries of the CBZ housing scheme in Mkhosana (BC847), Chinotimba buffer (BC864) and Mkhosana buffer (BE242) were on the verge of losing their residential stands after the local authority threatened to repossess the land over non-payment of the cost

“On commencement of selling the stands, CBZ Bank learnt that Mkhosana BC847B had been double sold/allocated by Victoria Falls Municipality to the bank and identified beneficiaries, a fact which the bank was not aware of at the time of signing the BC847 agreement of sale and paying the purchase price. On immediate enquiry by the bank, council then advised that some beneficiaries had contributed towards servicing of the stands and CBZ Bank agreed to sell back BC847 Mkhosana to council,” the bank said yesterday.

“The municipality of Victoria Falls is in the process of buying back the 411 BC847 Mkhosana stands from CBZ Bank and they will be handling the sales of those stands since they do not belong to CBZ Bank.”

CBZ Bank said out of the 1 309 stands, only 411 stands in Mkhosana BC847 had been sold back to Victoria Falls municipality and they were happy with the sales progress.

The local authority entered into a $12 million deal with the bank in 2016 to sell residential stands in the country’s premier resort town.

However, only a few home-seekers qualified after vetting by the bank, leading to over 400 individuals on the waiting list invading and pegging stands on the land.

The land invaders were later apprehended by the police.

Residents have been at loggerheads with council, the residents’ association and councillors, arguing that they had been paying for the land for decades through co-operatives only to be “cheated” by the municipality.

“We advise that out of the total 1 309 stands, only 411 Mkhosana BC847 stands have been sold back to Victoria Falls municipality. We are pleased with the sales progress on the unencumbered stands, which currently stands at 86% uptake,” the bank said.

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