Lagos State Government has said a whooping N200 billion ( $500) million dollars will be injected in the redevelopment Ilubirin housing estate to be at par with other waterfront residential scheme in the world.
The state’s Commissioner for Housing Mr. Gbolahan Lawal, who disclosed this Monday at a press briefing in Lagos said the government is putting massive infrastructure in the project to accommodate both residential and commercial purposes.
Lawal said the government alone cannot handle the project adding that it will be executed under the Public Private Partnership (PPP) programme.
“Towards the completion of Illubirin housing estate, approval was granted for the remodeling of the estate from hitherto purely residential into a mixed development of residential, commercial and leisure through PPP.”
The commissioner also informed that the government in partnership with private developers is constructing 20,000 housing units in the next five years under the Lagos affordable public housing (LAPH).
He said the various estates christened Jubilee housing estates will be situated at Ijora, Badiya, Imota, Ayobo, Idale (Badagry), Ilamoye –Isolo, Abijo, Tolu (Ajegunle0, Abule Ado, Ikota Ibeshe, Owutu and Igbogbo.
Lawal said the government Rent-to-Own and rental housing policies has provided opportunity for Lagosians irrespective of status, income and affiliations to have access to decent shelter, saying “under the rent to own policy, individuals are required to pay only five percent of the cost of the housing unit as the commitment fee and the balance is spread over a period of 10 years.”
He explained that the policy allows allottees to live in the property while paying towards ownership at a fixed rent over the next ten years.
Lawal said so far over 500 people have benefitted in the scheme out of the available 4,355 units.
“it should be emphasised that the rent to own policy is for every residents of Lagos State irrespective of state of origin, profession, gender, religion and status as long as the applicant is 21 years old and meet the requirements.”
The commissioner further explained that the rent to own is not just about provision of shelter; it is also about economic stimulation and empowerment.
“The new homes provided will require furniture and home gadget such as electrical appliances, the increase in demand of these items is expected to stimulate production and consequently economic growth.
According to him, another policy of the government that has greatly impacted on the public is the Master craftsman project, adding that the policy is intended to redress the dearth of skilled workers in the building industry such as masons, carpenters, steel fabricators, plumbers’ electricians, painters, joiners and tillers among others.