Lagos bullish on housing, provides affordable homes for 500 residents in 3 months

Lagos bullish on housing, provides affordable homes for 500 residents in 3 months

… new jobs created, more income generated

Systematically and in a sustainable manner, Lagos State government is addressing its housing challenge through its Rent-to-Own housing scheme.
In the last three months, the state has provided accommodation for an estimated 2,500 residents who live in the 500 affordable homes the scheme has offered between January and April this year.
Authorities of the state explain that each of the 500 homes given out to lucky residents through the scheme is supposed to house, at least, five people, giving an estimated 2,500 people who are direct beneficiaries of the scheme.
In February this year, 100 lucky residents who subscribed to the scheme were successful and were given keys to their new homes. In March, the number increased 100 percent to 200 persons who also collected keys to their new homes. Just yesterday, another batch of 200 residents collected keys to their new homes at a brief ceremony at the Secretariat, Alausa, Ikeja.
Though the scheme’s main objective is to provide housing for the residents and by so doing reduce the state’s housing demand-supply gap estimated at three million units, Gbolahan Lawal, the state’s commissioner for housing, says the scheme looks beyond housing provision.
“The Rent-t-Own policy of the state government is not just about provision of shelter; it is also about economic stimulation and empowerment” , the commissioner said, explaining that with 500 homes already allocated, it is estimated that homes have been provided for not less than 2,500 people , taking an average of five persons per family.
Taking into consideration the multiplier effect of these homes, Lawal noted  that these homes would require new furniture and home gadgets such as electrical/electronic appliances, leading to increased demand for these items which would ultimately stimulate growth in those sectors where the items are produced.
What this implies is that, by this singular act, growth has happened not only in the housing sector, but also in the manufacturing and, according to the commissioner, artisans and technocrats such as auto mechanics, panel beaters, carpenters, painters, etc would experience a boost in their market with the influx of people into the communities where estates for the scheme are located.
“The same is also applicable to food vendors and local markets; it is therefore expected that the Rent-to-Own policy will stimulate the GDP”, he emphasised.
The 200 residents who were given keys to their new homes were people that applied, passed eligibility test and were able to meet the criteria for owning those homes.  Among other things, an applicant t to the scheme must be primarily resident in the state and must provide a copy of his Lagos State Residents Registration Card.
Again, the applicant must be a first time home buyer; must be 21 years old  and above; he must be tax-compliant and must be able to make 5 percent commitment fee for the home of his choice.
The state has set aside about 4,135 housing units for this scheme and these housing are located at the state various housing estate at Sir Michael Otedola, Odoragushin, Epe;  CHOIS  Gardens, Agbowa; Oba Adeboruwa, Igbogbo-Ikorodu; Hon Olaitan Mustapha, Ojokoro; Alhaja Adetoun Mustapha, Ojokoro, etc. 

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