The Lagos State Government has officially signed an agreement for the development of a major housing project in Ikorodu.
The Odonla-Odugunyan housing estate project, set to cover an expansive 9.98 hectares of land, will feature 704 modern 2-bedroom apartments across 44 blocks.
The announcement was conveyed via the official Facebook page of the Lagos State Government on Friday.
Accompanying the post was a picture of the Lagos State Governor, Babajide Sanwo-Olu, flanked by his Deputy, Obafemi Hamzat, and two other individuals. Each person was seen holding up a copy of the apparent agreement, signifying that the governor had signed the deal on behalf of Lagos State.
“The Lagos State Government has signed the Odonla-Odugunyan housing estate project that will cover an impressive 9.98 hectares of land. It will feature 704 units spread across 44 blocks, all consisting of modern 2-bedroom apartments,” the post read.
This initiative is part of the government’s broader effort to address the growing demand for affordable housing in the state.
The project is expected to offer modern living solutions for residents of the state seeking quality housing outside the central urban areas of Lagos.
What you should know
The Odonla-Odugunyan housing estate is a major step toward addressing Lagos’ housing deficit, with 704 units offering contemporary living spaces that include two bedrooms, a living room, a kitchen, and modern amenities.
This project aligns with the Lagos State Government’s ongoing efforts to close the housing gap and provide affordable housing options through programs like the Rent-To-Own Program and the Lagos Home Ownership Mortgage Scheme (Lagos HOMS).
- The Rent-To-Own Program allows prospective homeowners to make a modest 5% down payment, move into their homes immediately, and then pay the balance as rent over a 10-year period. To qualify for this program, applicants must be residents of Lagos, first-time homebuyers aged 21 or older, tax-compliant, and able to meet affordability criteria, ensuring that their monthly payments do not exceed 33% of their income.
- Meanwhile, Lagos HOMS, managed by the Lagos Mortgage Board, offers first-time buyers access to mortgage financing for affordable homes. Under this scheme, applicants are required to contribute up to 30% of the property’s value, with the remaining balance spread over a 10-year period.
The program prioritizes equitable homeownership, prohibits subletting, and ensures transparency through a structured pre-qualification and draw process, guaranteeing that all participants have a fair opportunity to own a home.
