The Free Market Foundation (FMF) is celebrating its Khaya Lam Project being bestowed the 2024 Reside Award in the category of ‘Contributor of the Year 2024 – Company.’
The Khaya Lam Project, initiated in 2010, is dedicated to assisting qualifying homeowners in townships in acquiring the title deeds to their properties. To date, the initiative has completed over 15,000 transfers.
The Reside Awards 2024, an initiative of the annual Reside Summit in partnership with the Real Estate Investor magazine, ‘are a celebration of excellence in South Africa’s residential sector. They recognise leaders and innovators who are making a positive impact on the lives of South Africans. The awards showcase the best of the best in the residential sector, and they provide inspiration and motivation for others to strive for excellence.’
The winners in the various categories were announced at a gala dinner on 18 July 2024. The Khaya Lam award certificate was accepted by Terry Markman, Head of Khaya Lam and member of the FMF Board, who attended the dinner with his wife, Lynn.
‘It took the FMF three years to transfer the first 100 deeds to residents in Tumahole (Parys), Free State. The handover ceremony took place in 2013, exactly 100 years after the introduction of the 1913 Natives Land Act,’ said Markman.
In January 2023, Khaya Lam hit the 10,000 transfers milestone – an average of 1,000 transfers per annum since 2013 or 83 transfers per month.
By end-June 2024, Khaya Lam had completed 15,632 transfers – an average of 331 transfers per month since February 2023. March 2024 was the project’s best month to date, with 495 transfers completed.
‘Each unit transferred into the hands of private owners converts dead capital into dynamic capital. If one assumes a conservative value of R150,000 per property, Khaya Lam has injected significantly over R2,5 billion into the South African economy,’ explains Markman.
‘None of this would have been possible without the Khaya Lam team, its generous sponsors, partner conveyancers, and the municipalities with the shared goal of bringing property rights to life,’ concludes Markman.
