The Nation reports that the Lagos State government has said it will inject about N200 billion ($500 million) into Ilubirin Housing Estate’s new model plan.
Commissioner for Housing, Mr. Gbolahan Lawal, addressed reporters yesterday on government’s plan to further develop the estate.
He said the government was putting massive infrastructure in the project for residential and commercial uses.
Lawal said the government alone could not handle the project, adding that it will be executed under the Public Private Partnership (PPP) arrangement.
He said: “Towards the completion of Ilubirin Housing Estate, approval was granted for its remodelling from hitherto purely residential into a mixed development of residential, commercial and leisure through PPP.”
The commissioner said the government, in partnership with private developers, would build 20,000 housing units in the next five years under the Lagos Affordable Public Housing (LAPH).
He said the various estates, under Jubilee Housing, would be situated at Ijora, Badiya, Imota, Ayobo, Idale (Badagry), Ilamoye–Isolo, Abijo, Tolu (Ajegunle), Abule-Ado, Ikota, Ibeshe, Owutu and Igbogbo.
Lawal said the government’s Rent-to-Own and rental housing policies had provided opportunities for Lagos residents, irrespective of status, income and affiliations, to access decent shelter.
He said: “Under the Rent-To-Own policy, individuals are required to pay only five per cent of the cost of the housing unit as the commitment fee while the balance is spread over 10 years.”
The commissioner said the policy allows allottees to live in the property while paying to own them at a fixed rent spread over 10 years.
According to him, over 500 people have benefitted from the scheme out of the 4,355 units.
Lawal said: “It should be emphasised that the Rent-To-Own policy is for every resident of Lagos State, irrespective of the state of origin, profession, gender, religion and status; as long as the applicant is 21 years old and meet the requirements.”
Source: The Nation