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Home Industries Real Estate and Construction

Lagos subsidizes cost of home ownership in the state

Chike OlisahbyChike Olisah
2 years ago
in Real Estate and Construction, Spotlight
Lagos delivers 14 housing schemes in Lekki, Gbagada, Badagry, others in 2 years
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Lagos State Government has moved to reduce the barrier to home ownership in the state as it announces the upscaling of its housing delivery performance and subsidising the cost of the homes.

The government initiative is in response to the growing gap in housing demand in relation to the available accommodation in the state.

According to a statement signed by the Spokesperson of the Ministry of Housing, Mrs Adeola Salako, this was made known by the Lagos State Commissioner for Housing, Mr Moruf Akinderu-Fatai, on Friday, July 15, 2021.

Akinderu-Fatai said the government was committed to the provision of affordable mass housing units in spite of the increasing cost of building materials occasioned by the current inflationary trend, according to NAN.

READ: Lagos to demolish 70 defective buildings, structures above 2 floors to obtain insurance

What the Lagos State Commissioner for Housing is saying

Akinderu-Fatai revealed that Governor Babajide Sanwo-Olu had directed that cost of homes built by the state should be lower than the market price to make home ownership easier for the people, adding that the government is seriously working at having more homes available for residents before the end of the year.

He said, ‘’We are engaging multinationals along with other Ministries, Departments and Agencies to build and support the financing of buildings in the state. This is the viable option, given the fact that land is a limited resource in the state.’’

He explained that the state’s housing schemes, which were financed through direct budgetary allocation and located in Odo-Onosa Ayandelu, Agbowa, Sangotedo Phase 1, Gbagada and Omole Phase 1, will be delivered soon.

READ: Lagos to enforce restriction of trucks, trailers and others to night operations

Other schemes that were being constructed through direct budgetary allocation include Egan-Igando, LASU, Ita-Marun in Epe and Ajara.

The commissioner said the projects are for the benefit of low and middle-income earners to eventually become home owners.

He said this would be accomplished through a convenient mortgage system where homes shall be allocated through the Rent-to-Home Scheme and whereby the tenure of payment would be 120 months.

Akinderu-Fatai said that an initial payment of 5% of the value of the homes by the allottees was required before spreading the balance.

In case you missed it

The Lagos State Government had about a week ago given assurances to financial institutions, including banks, that there will be returns on their investments in mortgages as a result of the proposed amendment of the Lagos State Mortgage and Property Law.

The proposed Mortgage and Property Law is to help create an accessible and affordable mortgage for the benefit of Lagosians to purchase their own homes.

The Lagos State Government had moved to safeguard investments in the real estate sector and ensure its development as they began the process of incorporating the foreclosure clause into the Lagos State Mortgage and Property Law.

This is seen as part of the measures and regulations that will help attract both local and foreign investors into the sector.

Related

Tags: Home OwnershipLagos State Government

Comments 41

  1. Jamoo says:
    July 17, 2021 at 1:57 am

    The coat of Lagos State Rwnt To Own is OUTRAGEOUS. Their charges are unreasonably higher and that’s why it is mostly the politicians that are getting it for their folks and mistresses.

    Reply
  2. INNOCENT says:
    July 17, 2021 at 5:49 am

    I commend Lagos state initiative, Pleàse how can I apply for it.

    Reply
  3. Oyeniyi Abimbola says:
    July 17, 2021 at 7:05 am

    How do I apply for the house if I want to buy?

    Reply
    • Anonymous says:
      July 18, 2021 at 2:02 pm

      H

      Reply
  4. Opeyemi Samuel says:
    July 17, 2021 at 9:03 am

    This is a laudable effort from the government. Please, what are the steps to accessing this offer. I am interested in it.

    Reply
  5. Akinwale Olaide Rashidat says:
    July 17, 2021 at 10:22 am

    I need a home please but I don’t know how to go about it.thanks

    Reply
  6. Mrs Esther Oluyemi Falade says:
    July 17, 2021 at 3:57 pm

    How do I apply for this offer?

    Reply
  7. Christiana Olutosin Falade says:
    July 17, 2021 at 4:01 pm

    Pls how can I apply for this?

    Reply
  8. Solomon Oluseyi Falade says:
    July 17, 2021 at 4:04 pm

    Laudable project. How do I go about applying for a house.

    Reply
  9. Joseph Olaoluwa Falade says:
    July 17, 2021 at 4:07 pm

    Am interested in acquiring a house: pls how do I apply?

    Reply
  10. Joseph Olaoluwa Falade says:
    July 17, 2021 at 4:10 pm

    How do I apply?

    Reply
  11. Bello Wasiu says:
    July 17, 2021 at 4:33 pm

    Please what about people in Ibeju Lekki especially the civil servants….. We need shelter to ease the standard of living in average way.
    Thanks

    Reply
  12. Ademidun Adeogun says:
    July 17, 2021 at 8:01 pm

    How can I apply -pls?

    Reply
  13. Wale Adetunji says:
    July 17, 2021 at 10:00 pm

    Good initiative and laudable on the part of LASG. My worries is about the land sold under BRF which C of O was issued but beneficiaries cannot take possession or do anything on the land. Example is Igbogbo scheme 1&2 in ikorodu.
    Could you please find out the position for Lagosians.

    Thank you

    Reply
  14. Arowolo Dada says:
    July 18, 2021 at 12:21 am

    How do I apply for some of the house

    Reply
  15. Christiana says:
    July 18, 2021 at 2:18 am

    How can I apply

    Reply
  16. John says:
    July 18, 2021 at 2:30 am

    Am interested and how do I go about it .

    Reply
  17. Odunyemi adebayo says:
    July 18, 2021 at 6:50 am

    How do I apply for the house if I want to buy?

    Reply
  18. Omotola Aiyenakin says:
    July 18, 2021 at 12:00 pm

    How do I can apply for the house please tell me about it now. Thank you sir

    Reply
  19. Anonymous says:
    July 18, 2021 at 12:06 pm

    I commend lagos state initiative, and I pray that lower cadres will definitely get the opportunity to own the house.
    Please how do I apply and how much does it cost.

    Reply
  20. Prof. Biodun AKINPELU says:
    July 18, 2021 at 1:53 pm

    A good development. Quite commendable.

    Reply
  21. Prof. Biodun AKINPELU says:
    July 18, 2021 at 1:55 pm

    A good development. Quite commendable. More impact in Jesus name

    Reply
  22. Adetoun Sheyindemi says:
    July 18, 2021 at 1:56 pm

    This is an interesting and infact laudable mission of the state government. I just hope and pray it actually gets to the people who are the original reasons for its establishment.
    I personally am interested and will like to know how to go by the process please.

    Reply
  23. Austen Lasode says:
    July 18, 2021 at 2:05 pm

    Interested, how can I apply for a home?

    Reply
  24. Ajayi James says:
    July 18, 2021 at 2:38 pm

    Please what are the steps to be taken inorder to be a beneficial to this scheme

    Reply
  25. Idris Olalekan Ishola says:
    July 18, 2021 at 4:12 pm

    Pls sir, how can I apply for the purchase of the house. This is a laudable efforts by the Lagos State Government. As a Civil Servant, it would make it possible to pay Tax into Lagos State rather than More where i rented an apartment. Thank you

    Reply
  26. Olusegun Akanmu says:
    July 18, 2021 at 5:31 pm

    Good initiative, how can i apply for one at Gbangada home. Tanks

    Reply
  27. Ojeya Godknows says:
    July 18, 2021 at 6:37 pm

    I am a Teacher with Lagos State government.
    I want to Apply.How do I go about it?

    Reply
  28. Anonymous says:
    July 18, 2021 at 7:42 pm

    Nice one how can someone apply and what are the requirements

    Reply
  29. Motunlola Ademuyiwa says:
    July 18, 2021 at 9:16 pm

    How do I apply,

    Reply
  30. Richard Adegboye says:
    July 18, 2021 at 9:39 pm

    This is great news. Bravo to Lagos government.
    I hope this laudable ideas is not for civil servant alone because that is always the case.
    Please how do i sign up, because I am interested.
    Once again thank you people’s government.

    Reply
  31. OLUFUNKE ESTHER IBE-KALU says:
    July 18, 2021 at 11:13 pm

    This is truly commendable. Thank a bunch for having the poor masses in mind. May God remember you and your entire team for good sir. Thank you for a job well done.
    My desire is to be one of the lucky ones to benefit from this project by God’s grace. Amen.

    Reply
    • OLUFUNKE ESTHER IBE-KALU says:
      July 18, 2021 at 11:17 pm

      I wish to be a beneficiary , how do I go about it so as not to miss this juicy offer please? Thanks.

      Reply
  32. Egesi- Agwu Chinwe says:
    July 19, 2021 at 12:35 am

    This is quiet commendable. I would be pleased to have relevant information to access the offer.

    Reply
  33. Gabriel Agbo says:
    July 19, 2021 at 3:20 am

    Please, the steps and the amount per-each houses should be published.

    Reply
  34. Akinola Oluwaseun says:
    July 19, 2021 at 4:14 am

    I’m interested, how can I apply.

    Reply
  35. Sontan Olubusola.O says:
    July 19, 2021 at 9:01 am

    Good job uuu are doing.
    Hw can i apply for dis scheme.

    Reply
  36. Catherine Ajala says:
    July 19, 2021 at 11:45 am

    Thank you to our listening MG,you have always stood up for the less privileged,I applied for a 2bed at the Sangotedo apartments,I am yet to receive any information, I was at the LBIC where the Min. Of Housing referred me too.I am glad to hear of this development Sir.
    God bless you immensely.
    Catherine.

    Reply
  37. Anonymous says:
    July 19, 2021 at 3:21 pm

    This is a nice development. How can I apply please?

    Reply
  38. Justina bosede says:
    September 26, 2021 at 11:15 am

    I’m interested and spoke with the woman in charge of epe area and she referred to sangotedo area , since then the number is not going through !!! , What can I do to get this , is there any off their office around that I can go to ask more about it , thanks .

    Reply
  39. Jessica says:
    September 30, 2021 at 9:05 pm

    The details are not complete we need to know the amount, and be sure we get it after paying 10k in the application form. knowing man know man is involved. Pls let it be for people who really need it like us. Am homeless don’t know how to get one of it.

    Reply

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