Lagos state government has slashed the prices of its housing units under the Lagos Home Ownership Mortgage Scheme (LagosHoms) to give low and middle income earners to buy into the scheme.

Information available to housing news indicates that the prices of the housing units at Sir Michael Otedeola Housing Estate in Odoragunshin,Epe, have been crashed significantly. There are 336 housing units within the estate, comprising of 180 room and 80 units of two bedroom apartments.

A two bedroom flat which before now was sold for 7.2million naira is now to sell for 3.5 million naira, while one bedroom which was 4.3 million naira has been reduced to 2.3 million naira. The room/parlour units have also been reduced to 1.5million naira.

The price reduction is also reflected in other housing estates, under the LagosHoms where the state government is set to implement its newly introduced Rent-to-Own policy. The policy allows a winner of the housing unit to pay monthly rent to the government until the value of the house is fully paid for.

Gbolahan Lawal, the commissioner for housing says, a total of 1,000 housing units are ready for occupation by interested residents and allocation will begin by December 9, 2016. He adds that, 20 per cent of the housing units in Epe are earmarked for rent as a ‘social Welfare policy’.

The state governor, Akinwunmi Ambode who inspected some of the housing units explained the reason for the reviewing of housing policy. “When you consider the economic recession and the inability of our people to actually process mortgage, we think it is time for the government to be more responsive that is why we are adjusting the mortgage scheme to be rent-to-own policy.

“We think it is time for people to just come in and pay one month rent and continue to pay their rent on a monthly basis. These housing units are for the people to have access to them.

If Lagosians are interested in owning the houses they don’t need to pay any down payment, they should just approach us and apply. They don’t need to know anybody also it will be open to everybody. This is more about the people. We are going to have new schemes coming up in Ajegunle, Badagry, Alimosho and other areas,” Ambode said.




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