The Chairman, Gtext Homes and Gtext Holdings, Dr. Stephen Akintayo, has urged the Federal Government to focus on policies that will reduce inflation in the building sector.
Akintayo, who gave the advice at the launch of the company’s housing scheme at Jasper Estate in Ibeju Lekki, Lagos, recently, said the government should also come up with workable policies that could help tackle the housing deficit in the country.
According to him, there should be accessibility to incentives in terms of grants and loans at reduced rates to real estate developers through its financial institutions.
The chairman noted that due to inflation, the cost of building materials has skyrocketed, thereby making a budget for a building unachievable because of the unpredictability of the market. These usually cause abandoned projects all over the country.
“There is a need to start the policy that we call ‘first-time buyers policies’ such that the Central Bank of Nigeria and the federal government can guarantee that anybody who can develop 5 or 10 percent on their first housing, the government would bring in 20 percent. This will enable lenders to bring in the remaining 70 percent. Such policies will help reduce the housing deficits,” he said.
Speaking on the affordability of Green and Smart Homes, Akintayo said there was a need for partnership and network support initiatives that could strengthen the partnership between the private sector and the government at different levels.
“Considering the cost of buying the land and the cost of building, we as developers buy and sell based on market forces. But to make it affordable, it has to be from the government. This has nothing to do with private developers, It solely lies with the government and its policies”.
He, however, expressed optimism in President Bola Tinubu in turning the economy of Nigeria.
He said, “We in the sector are happy that we have somebody like the president who was a two-term governor of Lagos State and who has a background in the real estate sector. We believe that he will influence things for the betterment of all as we move into the future.”
Speaking on the launch of the Jasper Estate, tagged: “Future of Sustainable Housing”, Akintayo revealed that the estate would be built complete with modern amenities.
He added that with amenities such as clinics, parks, a sports centre, and the proximity to key facilities like the Lekki Deep Sea Port, Dangote Refineries, and serene golf courses, it makes the estate a prime real estate investment.
“Jasper Estate, which is under rapid construction, is planning a fully-equipped green and smart home that will not only be off the national grid but will be powered only by renewable energy.”
