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The Lagos State Government has said that it would have provided over 7000 homes by 2022 when Governor Babajide Sanwo-Olu’s adminstration will be three years old.
The government also said that it is collaborating with multinational development agencies in its bid to bring huge increase in affordable housing in the state.
The state Commissioner for Housing, for Housing, Mr Moruf Akinderu-Fatai, disclosed this during the ongoing ministerial press briefing organised to mark the second year in office of the administration led by Mr. Babajide Sanwo-Olu. He said the move is being made in collaboration with other Ministries and Agencies of the State particularly the office of the SDG in order to speedily tackle the challenge of housing deficit in the State.
According to him, the critical step was taken as a smart solution towards resolving the housing deficit and making Lagos a 21st Century Economy comparable to others world-wide.
The commissioner said in tackling the critical challenge of housing deficit, the state government is earnestly addressing the goal of driving mass housing development in the state through collaboration with development agencies. “This is because the housing deficit is in hundred of thousands; hence our target is to produce homes in that magnitude so that we can make a speedy difference in the lives of our people,” he said.
He said: “In seeking smart solutions to the problem of Housing deficits, in the past year, the state engaged various development agencies who have track records in provision of affordable mass housing to collaborate with the State Government.”
He explained that the aim of the collaboration according to him is to tap into innovative technology that will speedily provide homes for the residents of the State.
Speaking about the importance of innovative building technology, he said that the state sovernment is leveraging the innovative technology utilised by Echostone Housing in constructing the Housing scheme in Idale Badagry and other parts of the state particularly the proposed Workers Village in Imota , Ikorodu Division.
“We want to replicate this technology to provide 500 units of homes at Imota, Ikorodu Division,” he added.
He revealed that the innovation technology and eco-friendly designs used at idale will soon be deployed towards the construction of structures in the urban parts of the state notably at Imota, Ikorodu LGA to provide 500 units of homes.
Akinderu further explained that with the strategic intervention of collaborative efforts of the development partners, the state has increased its capacity of providing more homes over a period of time as well as achieve it’s set goals of renewing dilapidating estates.
He said: “In order to increase the confidence of property developers and enhance private sector investment in the Built Sector, the atate has also set in motion the process of reviewing of the Mortgage Law. This is being done with the intention of domesticating the Law to meet the peculiar Housing needs of Lagos. An amendment Bill to the existing law is already before the State House of Assembly for verification.”
He expressed optimism that when the amendment is passed into Law, it will address the interest of both the tenants and the Landlords as there will be a clear chart in conflict resolution between the landlords and tenants. This, he added, will generate more confidence in the built sector and the consequent effect will be more investment in the sector.
On the issue of affordability of homes particularly for low and medium income earners, Akinderu-Fatai unveiled plans to continually engage stakeholders in the finance sector to make mortgage as low as a single digit interest rate. This is being done to make home ownership through mortgage attractive to all.
” The strategy is to keep interest rate as low as possible to reduce financial hardship faced by the citizens in achieving their desire for home ownership,” he added.
Akinderu also added that the Lagos State Real Estate Regulatory Authority (LASRERA) an agency under the ministry of Housing saddled with responsibility of coordinating the activities of Real Estate practitioners in the state has registered 77 Real Estate practitioners in the state.
He expressed optimism that with constant engagement and enlightenment, those in the Real Estate Sector will come forward to partner with the state to achieve the ‘Lagos State of our dreams’, adding that details of the registered Real Estate practitioners identified by the state has been uploaded to LASRERA portal for easy access and ease of business transactions for the public and those in diaspora.
Akinderu-Fatai reiterated the commitments of the state government to drastically reduce Housing deficit, saying that over 7000 homes would have been on ground by the time the adminstration is three years old.
