114 Housing Units for Sale by Lagos Government

Lagos State government is pushing into the property market about 114 housing units for outright sale, in addition to the new rent-to-own policy in which three housing schemes located at Igando in Alimosho, Ikorodu, and Epe are up for grabs.

ALSO READ: New Lagos Rent-to-Own Housing Scheme for Low-Income Earners

The housing units, consisting of one, two and three-bedroom flats, are located at Omole, Magodo, Isheri North and Oko-Oba in Agege. A breakdown of the units shows there are 12 units in Omole housing scheme; 12 units in Magodo; 36 units in Isheri North and 54 units within the Oko-Oba scheme.

Gbolahan Lawal, State Commissioner for housing, who confirmed this, said prospective buyers of the housing units would have access to facilities like water treatment plant, sewage treatment plant, 24/7 security service and facilities management, ample vehicular parking, among others. Like in the case of the rent-to-own policy, an eligible buyer must be a resident with valid Lagos State resident registration card, tax compliant and an adult seeking to own a home for the first time.

Babatunde Fashola, former governor of Lagos State, launched the Lagos Home Ownership Mortgage Scheme (LagosHOMS) in 2014 as state government’s intervention aimed to enable more residents to own their own (first) homes through a mortgage scheme that offered mortgage services at a single-digit interest rate and for 10 years repayment tenor.

See also  Why the Lagos Rent-to-Own Scheme is Genuine

ALSO READ: About Increasing House Rent in Lagos

The current administration of Governor Akinwunmi Ambode, however, suspended activities related to the LagosHOMS upon the assumption of office, to be able to refine the process after it was discovered that the target first-time home seekers had difficulty accessing housing units under the scheme due to cost implication and other strenuous procedures.

Lagos, Nigeria’s economic hub with over 21 million population is said to be in housing deficit of 2.55 million. Gbolahan said the government, apart from building houses under LagosHOMS, looked to partnering the private sector to increase the state’s housing stock in order to reduce the deficit.

Source: BusinessDay


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