Lagos-based property developer, Legrande Properties Development Company Limited has begun the construction of 5,000 affordable housing units in Lagos.
The developer also urged Nigerians to embrace the rent-to-own as a means to meet the huge housing needs in the country. The company is providing rent-to-own opportunities for contributors to the National Housing Fund (NHF).
The project christened, ‘Alexandra Courts Estate’ lbeju-Lekki is a Public Private Partnership (PPP) project being developed in partnership with the Lagos State Government and Federal Mortgage Bank of Nigeria (FMBN). It also provides opportunity for loans to off-takers, who are contributors to the National Housing Fund scheme up to N15 million.
Alexandra courts estate is sited on a 400-hectare of land with first phase, which consist 12 blocks of 16 units housing scheduled for completion in March 2024, while the second phase consisting of 20 blocks of 16 units is to be completed in December 2024. The project will have 3,000 terraces and 2000 flats.
The developer will provide basic infrastructure in the estate, while the state government will take up about 50-hectares. The N48 billion estates is a mixed development of two-bedroom and three- bedroom flats, semi-detached and fully-detached duplexes together with requisite infrastructures to provide utmost comfort to end-users.
It also comes with Infrastructural facilities that include 24-hours electricity (PHCN Power supply & Solar Inverter Systems), 24-hours security, internet connection, swimming pool, central park and playground, gym and other facilities.
Speaking to journalists in Lagos, the Managing Director, Legrande Properties Development Company Limited, Babajide Durojaiye, said rent-to-own scheme is the solution to Nigeria’s housing deficit as Nigerians can own their homes with ease through the scheme.
He emphasised that renting-to-own can be an appealing concept for people who are interested in owning property but have thus far been shut out of the traditional home-buying process.
Durojaiye said: “If you don’t have a sizable down payment, for instance, or your credit score is too low to qualify for a mortgage, renting a property with the intention to buy it can give you time to save and work on improving your credit rating.”
Durojaiye said governments at all levels should increase investments in the housing sector to bridge the rising gap, and boost Nigeria’s Gross Domestic Product (GDP).
He further expressed worries over high cost of land and building, especially in Lagos, noting that with the growing trend in Lagos, accommodation may become difficult for low-income earners in the state.