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Monday, 10 October 2016

Recession: Lagos to introduce monthly payment on houses

In a bid to cushion the effects of economic recession in the country, the Lagos State Government has perfected plans to introduce monthly payment plan on its Home Ownership Mortgage Schemes popularly called Lagos HOMS across the State.



The State Governor, Akinwunmi Ambode, who stated this after embarking on an extensive inspection tour of projects across the State, said his administration has decided to scale up the rent-to-own policy by introducing monthly payment plan whereby people can pay monthly instead of being compelled to make a down payment of 30 percent of the total cost or pay for one year.

"We believe strongly that people should be able to pay one month rent and live in our housing schemes. We don't think in a recession, we should be having a situation where we allow people to come and buy when they don't have money or to come and pay one year rent. We think the way to move forward is to allow these our younger ones to just pay one month deposit and pay one month rent and move into the houses and then more or less play up our rent-to-own scheme,” Governor Ambode said.
While speaking on the pocket-friendly initiatives of his administration on housing, Governor Ambode said the State Government has taken time to review its mortgage schemes vis-à-vis its financial flow, adding that many ongoing housing schemes have reached advanced stages of completion, and that they would be rolled out in a matter of months. The Governor, who inspected the Illubirin Housing Scheme in Lagos Island, said government, in partnership with private sector, is making arrangement to transform the scheme into a live, work and play environment.
“In addition to that, the other housing projects that we are doing are on course and I want to assure Lagosians that in the next few months, we will be seeing a whole lot of housing units being rolled out," the Governor said.
On his part, the State's Commissioner for Housing, Mr. Gbolahan Lawal, debunked insinuation that the Illubirin Housing Scheme had been abandoned, saying that government was rather working to improve on the project which is sitting on 28 hectares. He recalled how the project started under the administration of former Lagos State Governor, Asiwaju Bola Ahmed Tinubu with sand filling, while his predecessor, Mr. Babatunde Fashola carried on with the project. He said:
"Now, under the administration of Governor Ambode, we want to scale it up and the idea is to make this place a live, play and work environment and so we are projecting 500 units instead of the 1,260 that the scheme was formerly designed for. We believe government funds should be deployed to some other sites that we are working on and to also come up with new designs and new buildings and so instead of government to recapitalize this project, we are working with the private sector and the investor that has come up is investing about $500 million."
According to Lawal, about five hectares of the Illubirin scheme would be dedicated for leisure, while there would also be commercial activities, as well as flyover which would be constructed. He said the State Government is already working with the Federal Ministry of Works and the Ministry of Waterfront in that regard, adding that the flyover would be on another phase. He also said that all the phases of the scheme are expected to span between five to seven years, but that there would be a lot of improvement on the project before May 2019. Governor Ambode also inspected the ongoing construction of a lay-by and slip road into Isheri Olowora at Berger bus-stop.

24 comments:

Uju Phil said...

I pray the landlords will accept that!

Eddy Ogbunambala said...

Ok

livingstone chibuike said...

Let's see how dat goes

Dozie Andre said...

See that one wah wear yellow head gear, I don't think that Guy is seeing Mr ambode is showing him

evy claret said...

Wow...what a great move

Eva Da Diva...

tosin said...

really.....thats good

Vivian Reginalds said...

hmm hunger don de wire landlords
-D great anonymous now as Vivian Reginalds

Joyous Babe Lindaikeji First Cousin said...

issoky, eko oni baje.

Joyous Babe Lindaikeji First Cousin said...

issoky, eko oni baje.

Anonymous said...

way to go Gov Ambode

ONYX linda ikeji first son GODWIN said...

In Nigeria where laws are hardly implemented? I laugh

OSINANL said...

NICE ONE! BUT I DONT THINK IS GONNA BE POSSIBLE... AMBOSE CANNOT ACHIEVE THAT

Jamila Shaibu said...

Hmmmmmmmm ok




Post my comment

ike manuel said...

That's a really good move... Jah bless

Na me talk am!

Long Live Lib!!!

milton said...

Not a bad idea at all

Nseabasi Ekpo said...

very commendable, i sincerely hope that both States and Federal Government can borrow a leave from this scheme in Lagos State, welldone Sir Gov Ambode

Mercy Iheanyichukwu said...

WOW!!! AT LEAST THIS ONE WILL GO A LONG WAY TO HELP SOME TENANTS, UNTIL THEY BECOME THEIR OWN LANDLORD/LANDLADY BUT ITS MORE ECONOMICAL TO PAY IT WHOLESOMELY....NICE MOVE GUVNOR AMBODE...EKO ONI BAJE OOO

#AMIABLE #LIB #FOLLOWER

Juliet Iwuno said...

Nice one! Linda take note!

Anonymous said...

I know many will feel the need to "wank under my comment". Pls feel free to do so.
I thought this guy was gonna make a terrible governor. With his face that looks like he loves the sugar daddy look but I am becoming pleasantly surprised at how he is handling lagos. Small wins adding up. Big up Ambo.

dee boi said...

All dis wicked and heartless landlord in lagos... dee

Anonymous said...

that will never happen.

Anonymous said...

the able and working and strategising governor of the only viable state in nigeria. no africa .....kisses

niyi adetoye said...

Welcome development

Opeyemi Temitope said...

If ya'll can think deeper you'll see that this move will actually make things a lot worse for tenants. Selah!

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