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Lagos targets first-time home owners in new scheme

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The newly completed Igbogbo housing estate in Ikorodu, Lagos

Efforts at encouraging first-time homebuyers in Lagos have received a boost with the reduction of the monthly payments for houses under the state government’s new scheme.

The authorities are offering subscribers in the newly completed Igbogbo housing scheme, N400, 000 for a three-bedroom apartment, N275, 000 for a two-bedroom apartment, and N175, 000 for a one-bedroom apartment to being paid yearly over a 10-year period.

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Commissioner for Housing, Moruf Akinderu-Fatai, who announced this at the commissioning ceremony of the Igbogbo Housing Scheme, said the move was to bring many people into the homeownership ladder.

Akinderu-Fatai said the gesture was to meet the housing needs of Lagosians.

The Lagos Homs Igbogbo housing scheme comes with 360 home units, comprising 120 one-bedroom, 120 two- bedrooms, and 120 three- bedrooms homes.

The scheme is the second phase of the Oba Adeboruwa Estate, situated along Igbogbo – Baiyeku road. It was initiated to provide homes for Lagosians residing in Ikorodu axis.

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The gated estate, which is made up of 30 blocks of residences, is sited on 6.24 hectares in Igbogbo in Igbogbo/Baiyeku Local Council Development Area.

It is beautifully landscaped and boasts well-constructed roads and drains, ample car parks, external electrification, water supply and reticulation, sewage treatment plant, perimeter fence, and gatehouses.

The commissioner said the project is the 7th Housing Scheme to have been commissioned under the Sanwo-Olu administration, catering for both the high net individuals and low-income earners.

He said with the seven new government-owned housing schemes in various parts of the state, the government is steady, touching base with the people.

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“In line with present realities, the conventional mortgage system fostered through our Rent –To – Own scheme will be utilised to a large extent in delivering the homes to the end-users,” he added.

In his remarks, the General Manager, Lagos Mortgage Board (LMB), Mr. Bayowa Foresythe, noted that the state-required 400,000 houses to bridge the shelter gap, making reference to 2018 World Bank statistics.

He said LMB has provided 4,096 affordable housing units, either through a mortgage or Rent-To-Own schemes to over 20,480 people in the past six years of its existence.

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“According to him, these housing schemes are spread over the five divisions of the state and in getting these houses, allotees are considered on a first-come-first-serve basis, after meeting the affordability criteria.

He said: “Knowing that one person getting a home translates to an average of five people in a home, you may consider these number of houses provided so far as marginal to the current realities. But ours is a work–in progress as other partners are also engaging in the same process of providing decent and affordable accommodations with the state government.

“Of recent is the Idale scheme, which is a collaboration between a private sector and the state government in Badagry division of the state with 252 units,” he added.

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He implored the allottees to make the best use of the opportunity provided by the state government by making payments as when due to enable the government to complete many more schemes in the state.

Foresythe also disclosed the government’s plan to complete schemes in Ajara, Badagry, and Sangotedo in Etiosa and Odo-Onosa in Agbowa areas, which are between 70 to 75per cent completion stage.

He stressed that if these schemes are completed, it would solve the housing problem faced by residents and increase revenue accruing to the government. “All these efforts are geared towards making Lagos a 21st-century economy and a greater city,” Foresythe added.

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