Investment opportunity has opened for private estate developers as Lagos State government says it is ready to partner with those of them that are interested and capable of investing in housing in the state.
This private sector invitation is part of the state government’s determination and efforts at continuously reducing housing deficit in the state by increasing housing supply through increased development.
Lagos has housing deficit estimated at 3 million units and requires about 200,000 housing units for the next 10 years to be able to bridge the deficit. At an average of N5 million per housing units, the value of the opportunity available to investors is about N1.5 trillion.
The state has a population estimated at 20 million. A Pison Housing Company report on the State of the Lagos Housing Market says about 80 percent of this population lives in rented accommodation, meaning that the opportunity is also huge for investors who chose to invest in build-to-let developments.
Moruf Akinderu-Fatai, the state’s Commissioner for Housing, affirmed in his recent review of activities in the ministry that the housing deficit in the state was quite huge particularly in the urban areas where private sector participation was essential in order to change the present narrative.
He pointed out that while the state government was set to deliver more homes this year, through rigorous planning and implementation aimed at completing many of the ongoing housing schemes in record time, more could still be achieved if additional private investors were willing to collaborate with the state government.
The commissioner disclosed that the state government had already started implementing policies that would make the environment more conducive for private sector participation and joint venture investments in the provision of mass housing, especially in urban areas.
The commissioner stated further that the unalloyed mission of the state government was to provide adequate and good quality housing in Lagos and also facilitate access of its citizenry to home ownership as shelter remains one of the important needs of man.
“Qualitative housing remains a critical factor that determines the quality of living, hence the present administration in its quest for building a 21st century economy is focusing on providing decent homes in urban settlements for its teeming residents,” he assured.
He also emphasized the commitment of the state to a continuous system whereby homes are provided to the public on a continuous basis until the deficit was significantly reduced.
Akinderu-Fatai said that in order to serve the people better and to achieve the dream of a 21st century as swiftly as possible , the state government envisages a sustainable and continuous system in which homes can be consistently and regularly made available to a larger number of people.
“Given other responsibilities of the State, this can only be possible when private sector investors collaborate with the state to add to the number of homes planned by government,” Akinderu-Fatai reasoned, calling on investors who are capable of meeting deadlines and delivering quality homes to see themselves as stakeholders with government.
Earlier the Special Adviser to the Governor on Housing, Toke Benson- Awoyinka, had assured the public that government was committed to delivering on its mandate in the housing sector and would work hard to putting a smile on people’s faces in this regards by ensuring continuous availability of quality homes.
Benson -Awoyinka assured that the state government would also attend to the welfare of those who may not be able to access homes through mortgage or outright purchase of homes in government owned schemes by ensuring that only genuine and registered real estate practitioners operated in the state.
Source: Businessdayng
