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Home Sectors Real Estate and Construction

Lagos says homeowners, residents in estates to contribute maintenance charges, sinking funds

Chike Olisah by Chike Olisah
June 5, 2022
in Real Estate and Construction
Real estate fraud

Lagos State Commissioner for Housing, Mr. Moruf Akinderu-Fatai

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The Lagos State Government through its Ministry of Housing has unveiled new plans for maintaining the facilities in its various housing schemes across the state.

As part of the plan for this initiative, the state government will soon implement the payment of maintenance charges and sinking funds which will be used to preserve the infrastructure of existing state-owned estates and enhance the investment of homeowners in the property.

This was made known by the Lagos State Commissioner for Housing, Mr. Moruf Akinderu-Fatai, while speaking during a recent review of the activities of the ministry, saying that viable plans are being put in place to keep the facilities and aesthetics attractive in line with the standards of a 21st Century Economy.

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Homeowners and residents to pay maintenance charges and sinking fund

  • Akinderu-Fatai bemoaned the deplorable condition of some old and depreciating housing estates, noting that the sinking fund will ensure that there is the availability of money when it is time to upgrade the facilities of the newly delivered estates.
  • He said, “The maintenance charge and sinking fund will be contributed by the homeowners or residents on a monthly, quarterly, or annual basis for the upkeep of the Central Sewage Treatment Plant, Water Treatment Plant, Green Area beautification and repainting of faded externals to befit the Greater Lagos vision.’’
  • The commissioner pointed out that henceforth all estates completed by Mr. Babajide Sanwo Olu’s administration will be periodically repainted from the sinking fund to enhance the value of the homes and ascertain that the quality of life is maintained.
  • He also reiterated the state’s commitment to a coordinated facility management plan, which would involve qualified facility managers, to enhance the lifespan of infrastructure in the estates.
  • He emphasised that the Resident Associations and Facility Managers should be signatories to the bank accounts meant for the maintenance of the joint facilities in the Estates.
  • Akinderu-Fatai, therefore, appealed to the Residents Associations of the Estates and the Facility Managers to work in harmony towards the realisation of the set goals and objectives of the maintenance plan.
  • The Permanent Secretary of Housing, Mr. Wasiu Akewusola, also expressed the State Government’s displeasure with some homeowners, who are still defaulting in the payment of the purchase price of the homes, especially in old estates such as Baba Omojola Estate, Gbagada.
  • He enjoined the defaulters to pay up their debts and not deprive others of the much-needed succour being provided by the State Government in the area of housing.

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Tags: Moruf Akinderu-Fatai
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

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Comments 1

  1. Udeh edna says:
    June 6, 2022 at 1:44 am

    I wonder why people should pay Land Use Charge if they would pay for maintenance of services because Land Use Charge is part of owners responsibility to the state for the maintenance of infrastructures.
    So if an owner of a property pays for infrastructure maintenance, then there is no need for such person to pay for LUC
    Land use charge covers sinking fund

    Reply

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