A Real Estate expert, Mr. Jide Durojaiye, has advised Nigerians to embrace the Rent-To-Own Scheme housing finance model to meet their shelter needs.
He said the model was largely untapped in Nigeria, and urged governments to provide an enabling environment to popularise the option.
Durojaiye, who is the Managing Director, Legrande Properties Development Company Ltd, spoke when journalists undertook a tour of the firm’s projects in Ibeju Lekki, Lagos recently.
He said the model was making housing finance and home ownership easier in developed countries. and would help to bridge the housing deficit.
The realtor said Nigerians were under-utilising opportunities for mortgage finance offered by the Federal Mortgage Bank (FMBN), adding that the Rent-to-Own offered an opportunity for affordable mass housing.
He said the Lagos government was partnering with Legrade Properties Company Ltd in reconstructing the Jakande Estate, Ajah from two to eight storeys and building 11 estates called Alexandra Courts, Coastal City, Ibeju-Lekki.
He said the Rent-to-Own model was the most convenient way for people to own their homes, with the benefit of loans from mortgage institutions and Pension Funds.
Durojaiye explained that the partnership for the Alexandra Courts, Ibeju-Lekki was for the developer to build a New Lagos model of 22 blocks of 32 units in two phases, to be delivered in March 2024.
He said the Alexandra Courts, Coastal City, Ibeju-Lekki project called ‘The New Lagos’ had all infrastructure and facilities that offered comfort and safety.
Recall that ‘The New Lagos’ refers to mini cities around the new proposed airport and seaports, Lekki Free Trade Zone, and Refinery.
He said the rent-to-own investments of the state government in the Alexandra Courts would unlock potential, add value, enhance urban renewal efforts, and solve various challenges to provide affordable housing for residents.
He called on all levels of government and Nigerians to embrace the rent-to-own scheme to address accommodation problems and housing deficits.
Durojaiye also said Lagos State and the FMBN were in partnership with private investors in New Lagos City to create jobs, increase Gross Domestic Product, and add value to various communities.
He commended the state government for digitalising land acquisition procedures and starting a rent-to-own initiative in 2021.
Durojaiye said it helped to enhance the Lagos master
plan, economy, investments, and affordable housing for high and middle-class earners.
He said Lagos State currently had over 20 mini-cities targeted at bridging shelter gaps and ensuring urban renewal.
The realtor listed facilities in the estate to include: Independent Power Project, Schools, Hospital, and a helipad among others with moderate service charges.
He appealed to the media to help the public understand the enormous opportunities provided by the FMBN for low and medium-income earners to have access to affordable mass housing.