Lagos govt indicators settlement for 704-unit housing property venture in Ikorodu 

The Lagos State Authorities has formally signed an settlement for the event of a significant housing venture in Ikorodu.

The Odonla-Odugunyan housing property venture, set to cowl an expansive 9.98 hectares of land, will function 704 fashionable 2-bedroom flats throughout 44 blocks.

The announcement was conveyed by way of the official Fb web page of the Lagos State Authorities on Friday.

Accompanying the publish was an image of the Lagos State Governor, Babajide Sanwo-Olu, flanked by his Deputy, Obafemi Hamzat, and two different people. Every particular person was seen holding up a duplicate of the obvious settlement, signifying that the governor had signed the deal on behalf of Lagos State.

“The Lagos State Authorities has signed the Odonla-Odugunyan housing property venture that can cowl a formidable 9.98 hectares of land. It should function 704 models unfold throughout 44 blocks, all consisting of recent 2-bedroom flats,” the publish learn.

This initiative is a part of the federal government’s broader effort to deal with the rising demand for reasonably priced housing within the state.

The venture is anticipated to supply fashionable dwelling options for residents of the state searching for high quality housing exterior the central city areas of Lagos.

What you must know  

The Odonla-Odugunyan housing property is a significant step towards addressing Lagos’ housing deficit, with 704 models providing up to date dwelling areas that embrace two bedrooms, a lounge, a kitchen, and fashionable facilities.

This venture aligns with the Lagos State Authorities’s ongoing efforts to shut the housing hole and supply reasonably priced housing choices by means of applications just like the Lease-To-Personal Program and the Lagos Dwelling Possession Mortgage Scheme (Lagos HOMS).

• The Lease-To-Personal Program permits potential householders to make a modest 5% down cost, transfer into their houses instantly, after which pay the stability as hire over a 10-year interval. To qualify for this program, candidates should be residents of Lagos, first-time homebuyers aged 21 or older, tax-compliant, and in a position to meet affordability standards, guaranteeing that their month-to-month funds don’t exceed 33% of their earnings.
• In the meantime, Lagos HOMS, managed by the Lagos Mortgage Board, gives first-time consumers entry to mortgage financing for reasonably priced houses. Underneath this scheme, candidates are required to contribute as much as 30% of the property’s worth, with the remaining stability unfold over a 10-year interval.

This system prioritizes equitable homeownership, prohibits subletting, and ensures transparency by means of a structured pre-qualification and draw course of, guaranteeing that each one individuals have a good alternative to personal a house.