As part of the Governor Babajide Sanwo-Olu’s led administration’s efforts to provide quality and affordable housing for its teeming residents, Lagos State government has gone into partnership with one of the frontline property developers in the country, Legrande Properties Development Company to bridge the housing deficit.
The managing director, Legrande Properties Development Company, Jide Durojaiye who disclosed this at a media interactive session organised by the Property and Environment Writers Association of Nigeria (PEWAN) said it is high time governments at all levels in Nigeria stepped up collaboration with private sector operators in order to make housing affordable and close the gap.
Durojaiye added that, ‘’ The Alexandra Courts Coastal City , Ibeju Lekki , Lagos is a Public, Private Partnership (PPP) with Lagos State Government and Federal Mortgage Bank (FMB) loans are available to offtakers who are contributors to the National Housing Fund up to N15, million. The estate comes with a solar system that provides 24 hours lighting. Two Bedroom flat N30 million. Three bedroom flat N46 million .Land per plot N22 million.’’
He explained that an increase in investments in the housing sector would help bridge the rising gap and also boost Nigeria’s Gross Domestic Product (GDP).
Durojiaye, who raised concerns over high cost of rent, land and building, noted that there was a growing trend in Lagos where low- and middle-class earners were moving to border towns in neighbouring states.
“If the trend is not stopped by 2030, only the wealthy would be able to construct and rent homes in Lagos, excluding both the lower and middle classes; if collaboration is not made now, you find out that, by 2027, rent may skyrocket to N7million. The low-income group should not be allowed to be pushed out of Lagos,” he said.
According to the managing director, other cities were seeing the same trend, which was why governments needed to work with the private sector to provide affordable housing, adding that there was urgent need for governments to take action against the nation’s rising building material prices as well as other issues impeding the provision of affordable housing.
He disclosed that Legrande Properties has partnerships with both the federal and state governments, noting that the National Housing Fund (NHF) contributions made by low- and middle-income earners could profit from a number of finished and continuing initiatives.
“Production cost is biting and we urge governments to address our numerous challenges in the interest of the masses who constitute 70 percent of Nigeria’s population; we also need to tackle the issues of substandard building materials, land grabbers, titles and how the public could escape being duped,” he said.
According to him, Legrande Properties was established in 2015 as a limited liability company with 50,000,000 ordinary shares at N-1:00K each. It is a real estate company with operations in Construction, Property Development, Property Management and Property Sales.
Also speaking, Nollywood veteran actor and brand ambassador of the firm, Segun Arinze revealed that “Over the last 12 years, we have successfully completed over 11 estates, with proper facility and estate management, with over 500 home owners. We currently have two ongoing projects.”
According to him, amenities in their estates and said the company had been appointed by the Lagos State government through the New Towns Development Authority to provide/build infrastructure facilities under the Ibeju Coastal City Scheme.
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