Justin Machibaya , founder at Homelux, says he currently has up to 400 employees working at different construction sites across Zimbabwe.
1. After leaving one of the biggest real estate companies in Zimbabwe, Machibaya started High Rise Real Estate With a friend in 1995.
2. He says in 2 years, they made so much money that he decided to step out and start Homelux, with his wife.
3. High Rise was an estate agent and he says he left to add the property development side to his business.
4. He says starting Homelux was not easy. Machibaya says they started the company with $50 000 in 1997.
5. A client refused to pay because the furniture in their shop was so poor.
6. They then decidef to fix their offices and in 6 months they had properly furnished offices.
7. Homelux has 37 people at the head office. Site staff are between 150 and 400.
8. The mainstay of the business is property development.
9. Machibaya said he is currently focused on retirement homes.
10. When his Children were at A Level in school, he sat down with his kids and convinced them to join the family business.
Machibaya ‘s Land Ownership in Zimbabwe
Machibaya says the Zimbabwe must find a way to securities land.
Machibaya was speaking to Trevor Ncube on YouTube on the program, In conversation with Trevor.
Machibaya founded Homelux Real estate and property development company without much capital and says his biggest pride is not the houses he builds, but the families that live in those houses.
He said he is seeing more pensioners with big properties approaching his company to partner in developments, where yheyenf up with a unit in the new development.
Machibaya said these arrangements have resulted in many pensioners leaving assets for their children when they die.
He said the land re-distribution exercise was necessary and had to be done but it’s not enough.
” We have done a great exercise in terms of redistribution. I think in terms of its effect and impact let’s get our selves to serious production otherwise we make ourselves look funny” said Machibaya.
He added that the problem is not with the 99 year lease plan but it’s the credibility of the plan.
“Our financial institutions are struggling because what recourse do I have if I give a brother land over a 99 year leaseand he fails to pay. How do I protect my interest” said Machibaya.
Furthermore Machibaya said the property development industry is affected by the shortage of artisans who are equipped with technical skills.
” The artisans we have right now, the old ones trained with class 1 and 2 are very few such that if the economy turned around today and we had to have a massive construction, the artisans won’t be enough” said Machibaya.
He further added that there is a need to recapacitate and relook in trainings and people are encouraged to go back to technical colleges.
Please watch the video above this post for more details.