Housing In Lagos State,

As the commercial hub of the country, the demand for good accommodation is ever increasing due to continuous number of business people and diplomats into the state. The State Government has responded to the challenge by providing various forms of housing opportunities to the people of Lagos through the construction of low to medium income homes across the State.

Government has also encouraged private sector involvement in the provision of housing and other related services. A significant number of first-world type developments have emerged across the State. Demand continues to remain strong as supply falls short of expectations thus providing several opportunities to investors.
It is generally acknowledged that Lagos has one the most expensive real estate developments in Africa despite somewhat questionable quality.
For example, the Lagos State ministry of Housing has delivered Igbogbo Housing Estate at Ikorodu.

The units on 3.352 hectares of land contained a total of 256 housing units are provided under the scheme, comprising 96 units of two-bedroom flats in three twin blocks of 32 units each and 160 units of one-bedroom flats in five twin blocks of 32 units each. Each one-bedroom flat has a floor area of 55.80 square meters, while the two-bedroom flats occupy 97.30 square meters.

Delivery specifications show that among the facilities in the state include a health centre with three consulting rooms, a police post, a mini-waterworks with 35,000 cubic liters daily capacity, shopping complex and security post.

In his address, the state Governor, Babatunde Raji Fashola assured of his administration's readiness to partnering with the private sector in the provision of housing, revealing that the current Lagos Mortgage Policy was designed to protect the public as the Lagos State Mortgage Bill 2009 was promulgated to provide mortgages for development and acquisition of homes.

Fashola maintained that such collaboration would not just ensure the provision of sustainable human settlements, but will also increase productivity, reduce operating costs and attract private capital. The result, he said, is that while the public will have access to quality and affordable houses, the private sector will benefit from new business opportunities.

He disclosed that the development of housing estates by the government in parts of the state is predicated on the move to meet the challenges of the Lagos mega city would amount to little if housing programmes are not vigorously pursued.
"In order to address this trend, we envisioned for ourselves the task of a sustained transformation of Lagos into Africa's model mega-city. Hence, we put in place sustainable human settlement development programmes that will create a better habitat for ourselves and our children," he said, adding that the state government was not concentrating on urban areas alone, but would also spread development to the sub-urban and rural areas.

He stressed that the future for housing delivery should be private sector driven with government strengthening the operational environment and legal framework for the private sector participation, Fashola lamented the challenges that have bedeviled housing delivery programmes, which he said, are rooted in lack of finance and the high cost building and infrastructure development.

"Out of these factors, finance is the most critical, both for housing production and home acquisition. The Mortgage Market that should provide finance for home ownership had been stifled by federal laws and high rates, this situation with the neck-breaking prerequisites and official bureaucracy involved in accessing mortgage loans has made it unattractive.

"In order to further regulate aspects of consumer loans for acquisition of property in the state, we have concluded plans to set up a Mortgage Board to give legitimate hope of home ownership to our people and ensure that low income citizens have access to these houses. We also launched a State Mortgage Scheme, which was seeded with an initial capital outlay of N40 billion raised through a syndicate of banks for 25 years tenure to serve as intervention fund for long term financing."

chelseabmw:

Too long

Second to that

@OP,

Please what is the source because this seems too true although I know Fashola is good and has a good sense of governance but this baffles me that a governor in Nigeria can reason in this reasonable manner.

Its true. Fashola is a 21st century politician. He is not a dinosaur like Alao, Oyin etc who only think of how much they can steal

@@@@

and the question is where are those houses

for the so called low income??

As the commercial hub of the country, the demand for good accommodation is ever increasing due to continuous number of business people and diplomats into the state. The State Government has responded to the challenge by providing various forms of housing opportunities to the people of Lagos through the construction of low to medium income homes across the State.

Such as. . . .?

Delivery specifications show that among the facilities in the state include a health centre with three consulting rooms, a police post, a mini-waterworks with 35,000 cubic liters daily capacity, shopping complex and security post.

what is a police post and a security post? a police station for 250 flats?

hmmm