• Monday, December 04, 2023
businessday logo


Lagos woos investors to HOMS project, upbeat on 1008-unit Ijora-Badia Estate

Developer narrows knowledge gap in estate agency, educates practitioners

In a bid to sustain its mortgage-backed affordable housing scheme known as Lagos Homes Ownership Mortgage Scheme (LagosHOMS), the Lagos state government is seeking partnership with real estate investors capable of fast-tracking and spreading the project to every part of the state.

The government says the new partners will not only help in providing a lasting solution to the state’s housing challenges but also leverage the immense opportunities presented by the thriving property market in the state.

Stating this at a stakeholders’ meeting with residents of the former slum community,  Bosun Jeje, the state commissioner for housing,  reaffirmed the state government’s commitment to delivering the highly anticipated 1008 housing units in the Badia area under the HOMS initiative, noting that though the upcoming estate was still in its preliminary stage, it was on course.

Jeje emphasized that the new estate was not only a calculated attempt to renew the once slum neighbourhood, but  also buttresses the state’s unrelenting effort to bridge its housing deficit by providing livable housing for its residents.

Read also: Global Property canvasses standards to grow RE, FM industry

“Our involvement in the construction of housing units is to help bridge the deficit and, most importantly, to inspire investors that the real estate sector is viable and lucrative to invest in,” he said, adding that despite the state’s achievement, the ministry of housing intends to continue to partner with the organised private sector to provide lasting solution to the shortage of housing in the state.

Addressing the stakeholders on the progress of the estate, Jeje noted that against earlier pessimism expressed in some quarters about the estate, the first block of flats is already taking shape, while piling work and construction of other complimentary infrastructure were also upbeat.

The commissioner further maintained that as earlier planned, the estate would be delivered in phases with the first phase consisting of six blocks and consequently more blocks will follow.

According to him, the modalities for awarding units once delivered remained unchanged, as former residents of the destroyed shanties would have the right of first refusal to units, before the other intending home buyers could be contacted.

On the employment of indigenous artisans and contractors on the project, the commissioner reiterated government’s pledge to leverage local expertise of indigenes where and when necessary, adding that once the project swung into full momentum, the relevant indigenous artisans would be brought in.

According to the estate’s plan, a mini-market was expected in the estate to take traders off the road and railway lines while a central sewage treatment plant and a play ground were also expected at the estate when fully completed.