Experts seek resilient real estate industry
To avert impending housing crisis, experts have called for proactive action towards a resilient real estate industry.
They also sought government’s partnership with the private sector to reduce the housing deficit in the country.
The Managing Director, UT Homes and Financial Services, Ade Adebajo, made the call at the groundbreaking ceremony, for the construction of semi-detached four-bedroom duplexes in Awuse Estate, Opebi, Lagos.
The development is a joint venture with Green Brook Realty Limited, aimed at easing the challenges and reducing deficit in the housing sector.
Adebanjo said there is a need for government to encourage Public-Private Partnerships (PPP) model in developing the sector.
According to him, if the government can make funds available at a cheaper cost to property developers, they could tremendously triple the gross domestic product through the real estate sector.
He said, over the decades, Nigeria’s population has continued to be on the increase, stating that if the government does not match property development with the population, there would be more deficits.
Adebajo said, although the coronavirus pandemic has hit Nigeria hard and made the government unable to give palliative to players in the sector, tax rebates from government would go a long way in supporting them.
“Palliative does not mean that governments would have to give us money, but tax breaks and cuts will help alleviate the impact on businesses and help us build more houses,” he added.
Also, the Managing Director, Green Brook Realty Limited, Adebayo Ajayi said, one of the reasons that made the company to venture into affordable houses was to bridge the gap in the industry and give back to the society.
“The housing we have presently is not enough. We won’t wait for the government to do everything. As individuals, we all have our part to play.
“I don’t think the governments know that real estate can actually be maximised as a gold mine. I hope they would realise that there are so many opportunities for us, if government raise investments in real estate sector.
He maintained that if private developers could invest so much into housing development and make profits, then government can do more, by providing mortgage that would guarantee people to pay over a period of time and enable government to make more money on yearly basis.
“We are looking towards a partnership with government, particularly in the area of getting approvals. It has been a bit stressful. They should make these processes easy and simple as they are key to property developments,” he added.
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