Rent-to-own scheme houses in Nigeria reasonably priced

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Rent-to-own scheme houses in Nigeria reasonably priced

Lagos State Commisioner for Housing Prince Gbolahan Lawal has said the houses that are under the Rent-to-Own and the Rental Housing program are affordably priced, especially if the prevailing economic conditions are considered.

Lawal was speaking at the start of the scheme recently in Lagos. He said the houses, once allocated to occupants, could not be transfered.

During the event, Lawal, who was represented by the Lagos State Mortgage Board Deputy General Manager, Mr. Bayowa Foresythe, said that it was difficult for residents of Lagos State to get affordable and decent accommodation, especially in the Lagos metropolis.

He added it is because of this that the scheme was started to make sure that all residents in the state, irrespective of their status, get access to decent housing to improve the quality of life.

He assured all the citizens of a transparent allocation, noting that they need not know anyone in the government to to apply.

Similarly, Lagos State Governor, Akinwunmi Ambode who was represented by his Special Adviser on Commerce, Industry and Cooperatives, Mr. Benjamen Olabinjo, said that the launch of the scheme was a big milestone in public housing. He added that it was the outcome of hard work, innovation and the desire of the government to improve people’s lives.

“The Rent-To-Own and the Rental Housing policies being launched today are my administration’s initiatives aimed at ensuring that all Lagosians irrespective of status, income and affiliations have access to decent shelter to improve quality of life,” he said.

Ambode went ahead and said that under the new arrangement, people were required to pay only five per cent of the value of the houses as commitment fee and the balance is spread over 10 years. ‘’This programme allows the tenant to live on the property while paying towards ownership at a fixed rent within 10 years.

‘’The Rental Housing policy also allows the tenants to occupy government housing units paying monthly rent after an initial one month deposit. This policy is targeted at persons with regular source of income who may not want to participate in Rent-To-Own programme.

Up to now, the government has set aside a total of 12 housing estates in the three Senatorial Districts of Lagos to implement the Rent-To-Own and Rental Housing programs. The estates are as follows: Sir Michael Otedola Estate, Odoragunshin, Epe, 336 units; CHOIS City, Agbowa, 400 units; Alhaja Adetoun Mustapha Estate, Ojokoro, 32 units; Hon. Olaitan Mustapha Estate, Ojokoro, 48 units; Oba Adeboruwa Estate, Igbogbo, Ikorodu 256 units; Egan-Igando Housing Estate, Alimosho, 684 units; Igando Gardens, Igando, Alimosho 492 units; Igbogbo IIB Housing Estate, Igbogbo, Ikorodu, 360 units; Odo-Onosa, Agbowa, 661 units;  Iponri  Estate,  Iponri, Surulere, 132 units;                Sangotedo Estate, Sangotedo, Eti-Osa 594 units and Ajara Estate, Badagry, 360 units. This brings to total 4, 355 housing units available.’’

The Governor, however, said that the programme would start in five of the estates. They are Sir Michael Otedola Housing Estate, Odoragunshin, Epe; CHOIS City, Agbowa; Oba Adeboruwa Estate, Igbogbo, Ikorodu; Alhaja Adetoun Mustapha Estate, Ojokoro and Hon. Olaitan Mustapha Estate, Ojokoro.

Eighty per cent of the units in the five estates have been earmarked for Rent-to-Own, while the others are dedicated to the rental housing scheme.

 

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