Housing Deficit: We have delivered more than 3,526 housing units – Gov. Sanwo – Olu
By Idris Bakare
Lagos State Governor, Mr. Babajide Sanwo Sanwo-Olu has said that in a bid to close housing deficit gap, his administration has delivered more than 3,526 housing unit across the state.
Speaking at a summit organised by the Real Estate Developers Association of Nigeria (REDAN), in Lagos, on Thursday, Gov. Sanwo-Olu explained that his administration has commissioned more than 15 affordable and decent housing projects in the state.
The Governor who was represented by the Commissioner for Physical Planning and Urban Development, Engr. Omotayo Bamgbose-Martins, said the government is commited in delivering homes to Lagosians through a convenient mortgage system tagged Rent-To-Own.
According to him, Lagos has zero tolerance policy to willful flouting of rules and regulations guiding the operations in the built industry.
“Since the inception of this administration, we have commissioned more than 15 affordable and decent housing projects and delivered more than 3,526 housing units across the State.
“In addition, there are other housing projects that are on-going which we are committed to delivering before the end of the first tenure of this administration. Most of these projects are being developed in conjunction with private developers and we will continue to explore the public-private partnership model in order to continue to enjoy the robust benefit it offers to the sector and its effectiveness in delivering more housing units to meet the demand of an increasing population.
“It is our firm commitment to address the challenge of housing deficits in Lagos state. We have also strengthened our policy of delivering homes to Lagosians through a convenient mortgage system tagged Rent-To-Own.
“We introduced the monthly rent payment policy to ease the hardship usually experienced by the people, especially low income earners. It is expected to be a win-win situation for both the tenants and landlords as it would create a steady stream of income for property owners.
“I wish to use this opportunity to solicit the support of property owners and stakeholders to embrace the policy and ensure that it succeeds,” he said
Speaking on the level of collaboration between the State government and the private sector, he commended REDAN for organising such event in partnering the state government with the aim of strengthening the productive relationship between the government agencies and real estate developers in the state.
Moreso, finding the right solutions to the myriad challenges confronting the State, he urged investors to collaborate with the government towards speedy resolution of housing deficit challenges in the state.
“I congratulate and commend the leadership of REDAN for partnering with the Lagos State Government through her relevant Agencies to organise this Summit with the aim of strengthening the productive relationship that exists between government Agencies and real estate developers in Lagos State.
“I urge all serious-minded investors to join hands with us for a speedy resolution of the housing deficit challenge in the state. The investment opportunities in this sector is huge and quite rewarding,” He noted
Also speaking at the event, the chairman of REDAN, Mr. Bamidele Onalaja, explained that the present inflation situation in the country has been a major challenge for developers.
Mr. Bamidele who is also the Managing Drirector/CEO, RevolutionPlus Property explained that inflation had led to the spike in cost of building materials and the adverse effect of global warming has also seen a reduction of available land, especially in lagos state due to flooding and erosion.
He said with the challenges facing the industry globally, REDAN has organised the summit to strengthen the synergy with the government and relevent stakeholders in the industry to brainstorm and plan towards 2023 and beyond.
According to him, “Over the years, Real estate investment in Nigeria has become one of the major investments attracting both local and foreign investors. From the commercial city of Lagos to every nook and cranny of the nation, several individuals and companies now engage in real estate investment.
“However, the industry is faced with unprecedented challenges, such as inflation which has led to a spike in the cost of building materials and the adverse effect of global warming, which has seen a reduction of available land especially in Lagos state due to flooding and erosion.
“For this reason and more there is every need to secure the future of the real estate industry. Real estate is the only secured investment for an assured future, however with the challenges facing the industry globally, there is a need for us to think outside the box on ways to tackle these crises.
“To do this, we must strengthen our synergy with the government and all relevant stakeholders in the industry. This summit is another opportunity to brainstorm and plan towards 2023 and beyond,” he noted.
He urged real estate developers who are yet to be a member of REDAN to get registered, stating that “be part of this formidable umbrella, there are so many investors in waiting.”
