Kingsley U.N Chikwendu
The Governor of Lagos State, Babajide Sanwo-Olu has called for the deployment of modern technology to reduce the cost of constructing decent affordable housing. He also said that the development of a reliable mortgage system will help spread the cost of housing as it can be done over a longer period.
Sanwo-Olu said that the provision of decent and affordable housing for a growing population is an unfinished business.
He said the major challenge that is facing the housing sector which essentially is about bridging the gap between demand and supply, “is cost which in most cases ordinary people cannot afford.”
In addressing this challenge, Sanwo-Olu said, “a sustainable solution to this challenge for us is to leverage on modern technology and innovation to reduce the cost of constructing decent house and the development of a reliable mortgage system where cost of housing can be spread over a period between 20 and 30 years.”
Consequently, he said the state government has appointed the Lagos Building Investment Company (LBIC) PLC as the sole mortgage provider to facilitate a reduction in housing deficit in Lagos State.
He further added, “we are also implementing the rent-to-own policy which addresses the issue of affordability. Under this initiative, beneficiaries are not required to pay the full cost of housing units constructed by the government in different parts of the State.
“Decent and affordable shelter is one of the basic needs of man and that is why it is one of the areas of focus in the Making Lagos a 21st Century pillar of our
T-H-E-M-E-S agenda,” he said.
Sanwo-Olu also pledged to continue to support the Real Estate Developers Association of Nigeria (REDAN) to find ways of providing affordable houses for the populace where unity of a home can be established and maintained.
