Tanzania, Jan. 30 -- Dar es Salaam. The National Housing Corporation (NHC) on Monday signed contracts with 21 real estate developers in a landmark development that could potentially change Kariakoo's skyline.

The contracts require that the developers inject a total of Sh271 billion into putting up residential and commercial buildings on an NHC's plot that currently has an asset value of Sh59 billion.

A total of 16 structures that currently house 190 commercial and residential tenants will have to be demolished to pave the way for the construction of new and modern buildings, the NHC Director General, Mr Hamad Abdallah, said.

"We expect this exercise will boost NHC's turnover because, upon completion, the number of tenants will increase...