Lagos State Governor, Babajide Sanwo-Olu, on Thursday disclosed that his administration had inaugurated more than 15 housing projects and 3,526 housing units since he assumed office in 2019.
Sanwo-Olu, who gave these figures at the 2nd Stakeholders’ Summit of the Real Estate Developers Association of Nigeria (REDAN), Lagos State Chapter, held in Lagos said that most of the projects were developed in conjunction with private developers and promised to continue to explore the public-private partnership model for housing in the state.
Represented at the forum by the Commissioner for Physical Planning and Urban Development, Engr. Omotayo Bamgbose, the governor hinted that other on-going affordable and decent housing projects would be delivered before the end of the first tenure of his administration.
He said: “Most of these projects are being developed in conjunction with private developers and we will continue to explore the public-private partnership model.
“This is in order to continue to enjoy the robust benefit it offers to the sector and its effectiveness in delivering more housing units to meet the demands of an increasing population:, the governor added.
According to him, the ongoing land reform in the state is a demonstration of the state government’s commitment to addressing the challenge of housing deficit in Lagos.
The governor maintained that the state government had also strengthened its policy of delivering homes to Lagosians through a convenient mortgage system tagged ‘Rent-To-Own’ and also introduced the monthly rent payment policy to ease the hardship usually experienced by the people, especially low income earners.
Sanwo-Olu pointed out that the approach was expected to be a win-win situation for both tenants and landlords as it would create a steady stream of income for property owners and solicited the support of property owners and stakeholders to embrace the policy and ensure that it succeeds.
Describing affordable housing deficit for low income citizens who paid an inconsistent share of their income for housing or lived in inadequate housing as undesirable, the governor lamented that this category of people had to live in houses that were hard to reach from their employment locations and had difficulty accessing health and other social services.
He noted that finding lasting solutions to the challenge would require all stakeholders’ collaboration, adding that this explains why the state government is consistently engaging all critical stakeholders to achieve the greater Lagos desired.
Sanwo-Olu advised serious-minded investors to support the government in its drive toward addressing the housing deficit in the state since investment opportunities abound in the real estate sector.
He elaborated: “To manage the activities of stakeholders in the real estate sector, we activated the law that established the Lagos State Real Estate Regulatory Authority (LASRERA).This agency is saddled with investigating complaints and petitions against licensed and unlicensed real estate practitioners, property developers and impose sanctions in accordance with the law.
“Let me also reiterate our administration’s zero tolerance policy to willful flouting of rules and regulations guiding the operations in the built industry,” he said.
The governor commended the REDAN leadership for organising the summit at a time the state government was looking at innovative ways to bridge the housing deficit gap and expressed optimism that the forum would proffer workable solutions that would further enhance housing development in the state.
Earlier in his welcome address, the Chairman, REDAN Lagos Chapter, Mr. Bamidele Onalaja, pointed out real estate, being a secured investment for an assured future, was faced with a global challenge which needed to be tackled and urged developers to synergize efforts with the government and all relevant stakeholders in the industry to address the challenge.
Onalaja also explained that the adverse effect of global warming had also reduced available land for housing, especially in Lagos State due to flooding and erosion, adding that for this reason and others there is every need to secure the future of the real estate industry.
