NAIROBI, Kenya, June 17 – Troubled property developer Banda Homes has been placed under official liquidation after months of financial distress and complaints from homebuyers.
Mark Gakuru has been appointed as the official liquidator, according to a Gazette notice issued following a ruling by the High Court on March 13, 2025.
The appointment, made under the Insolvency Act, vests full control of the company’s affairs with the Official Receiver.
“No action can be taken against the company without the consent of the Liquidator or the Court,” the notice reads, citing Section 560 of the Insolvency Act.
Banda Homes has faced mounting pressure from clients over delayed and incomplete housing projects, with buyers accusing the developer of stalling construction, failing to provide promised amenities, and delivering substandard workmanship.
The liquidation comes after aggrieved clients threatened legal action and initiated insolvency proceedings over undelivered properties.
The Liquidator has called a creditors’ meeting for June 10, 2025, at 11:00 a.m. at 316 Upper Hill Chambers in Nairobi. Creditors must file proof of debt via the Business Registration Service portal on to participate.
The collapse of Banda Homes adds to growing concerns over accountability and regulation in Kenya’s real estate sector, where off-plan buyers often shoulder the risk of developer failure.
