The Ogun State Property and Investment Corporation says it will deliver 400 houses before the end of the year through technology-based building method in the New Makun City.
According to it, the project is being implemented under the Nigerian Mortgage Refinance Company’s mortgage scheme as the first phase of its affordable housing units.
The Managing Director, OPIC, Mr. Babajide Odusolu, said the corporation planned to offer quality housing under a mortgage system with no accessibility barriers to aspiring homeowners.
“Despite the economic recession, we will have new developments in New Makun City. This new developments no doubt will align with the approved master plan of the city, which zones and integrates existing systems, operations, communities and indeed everything,” he said.
Odusolu explained that the corporation had mobilised contractors, private developers and accredited mortgage banks for the accomplishment of the NMRC/OPIC mortgage scheme in the state, for the speedy completion of the first phase of the project.
“These institutions have come to terms with OPIC to make housing affordable through highly subsidised mortgages by the government, enabling the general populace to explore the single digit interest mortgage loans spread over a long period of time, in line with the OPIC/NMRC/Family Homes Funds’ mortgage plans,” he added.
Odusolu also said that with the support and technical expertise of the project partners, the mortgage scheme would provide quality housing that would be the envy of other states.
He noted that beneficiaries would enjoy, among other things, proximity to Lagos, a serene and scenic environment, recreational facilities, especially ones that would gainfully engage the youth and aid healthy dissipation of energy in an industrial hub that had already attracted five different companies, which chose the New Makun City as their preferred operational base.
He said that under the proposed mortgage scheme, all that would be required of a prospective buyer would be to open an account with a partnering mortgage bank, save for over six months to have the minimum equity, and qualify for the allocation of the houses.
“The balance will be gradually liquidated monthly until it is redeemed fully over a per