COREN advocates proper monitoring of Mortgage Institution

The President , Council for the Regualtion of Engineering in Nigeria (COREN) Mr kashim Ali, has called for adequate funding and effective monitoring of mortgage financing institutions to ensure that their services are accessible to more Nigerians.

COREN president, who was speaking to journalists in Abuja on the state of the housing sector development in Nigeria, noted that so many issues have confronted housing delivery in Nigeria.

He urged the Federal Capital Territory Administration to fast-track the development of infrastructure in the satellite towns to check the high cost of accommodation in the nation’s capital, and attributed the prohibitive cost of rented accommodation in the FCT to the high cost of land and building materials.

Ali said that the massive development of the satellite towns would provide the people access to buy land to build their own houses.

“In Abuja, there should be more efforts in the development of Satellite towns. Government should embark on massive developments of infrastructure in the satellite towns.

“That way, people will have access to land and people can easily buy plots of land to build their own houses, and that way, the pressure on the city centre would reduce and crush the rent charges”, he said.

Ali noted that most completed housing estates in Abuja were unoccupied because of the high rent demanded by the estate developers.

According to him, some of these houses were built using bank loans and so the owners want to pay their debt and over-charge in the process.

This item featured originally on The Tide News