One of the top real estate companies in Nigeria, Sterling Homes, has introduced the first inclusive housing programme called “Ojo Ola,” which aims to make buildable land affordable to Nigerians with low incomes.
This was revealed to the News Agency of Nigeria (NAN) on Saturday in Lagos by Dr. Kunle Adeyemi, the Chief Executive Officer (CEO) of Sterling Homes.
The Ojo Ola housing proposal was described as a “better tomorrow housing scheme” by Adeyemi, who is also the general secretary of REDAN’s South-West chapter.
According to him, the programme was created for clients who could not afford to acquire a quality home and were at the bottom of the housing need pyramid.
Petty traders, persons making an average income, teachers, artisans, and drivers are just a few of the demographic groups the developer named as belonging to the group.
According to the realtor, the Anuoluwapo layout scheme in Igbodu in Epe, Lagos, is where the affordable housing scheme is located.
He also noted the Orelope layout system at Alabata in Ibadan and the Irewolede layout design at Kobape in Abeokuta.
We are working on various layout plans for Ikorodu, Ifo, Badagry, Atan, and Idi-iroko.
By the end of November, we also hope to launch an effort in Asaba for the South-South region and eventually expand to other parts of the country.
The high income earners are at the top of the housing pyramid’s triangle-like shape, while middle-income earners are located in the triangle’s centre.
The low income earners are located in the triangle’s base.
“The majority of Nigerians are at the bottom of the pyramid, so the Ojo Ola initiative was born out of a compelling need to assist this group of people own a home,” he stated.
He claims that the floor plan was specifically created for the group of people, with free architectural design from Sterling and no concerns about land grabbing or developing level.
He clarified that because the site was not under the developer’s control and was free to choose any architectural style, the subscribers were allowed to erect their preferred house design there.
He stated, “The free architectural design we are giving to our subscribers to choose from a pool of available designs, would have cost them whopping N300,000, so they can save that to build their houses.
According to statistics, well over 75% of Nigerians live at the bottom of the housing pyramid, according to Adeyemi.
Out of the anticipated 20 million housing shortage in Nigeria, he pointed out that more than 18 million were low-income Nigerians.
Adeyemi voiced concern that the country’s medium income earners were increasingly disappearing, leaving only the rich or the poor classes of people in the country.
The realtor observed that the arrays of housing options paid less attention to low income people, thus their ability to own a home in the future was not assured.
Although they have the legal right to, many low-income individuals are eager to own a property but lack the funds to do so.
More than 60% of Nigerians make less than N100,000 a month, and unless many of them engage in fraud, they might not be able to afford a home.
The Ojo Ola housing project was started, he claimed, “to help against such fraudulent activities within our system, arising from the desperation to own a home.”
He claims that the generosity of the plan allows the members to construct their homes at their own pace rather than forcing them to do it after obtaining a plot of land.
The developer said that investors and home searchers were the two main target markets for the scheme.
Adeyemi clarified that those seeking housing did so to fulfil a basic human need and to stop being harassed by landlords.
According to him, the payment schedule for those looking for homes was created to allow for the lowest entrance cost and could be paid in installments of N7,500 per week or N30,000 per month.
The realtor claimed that the initiative’s home seekers’ plan started with land ownership before moving on to landlording and post-sale services.
According to Adeyemi, the initiative’s investor’s plan was created for those interested in making real estate investments, selling their land for a profit when it increases in value, or creating rental homes.
He claims that the properties are accessible for construction because they are situated in areas with enormous potential due to the nearby continuous development.
Adeyemi asked Nigerians to support the project in order to ensure their future because real estate is the country’s new oil.
The real estate agent promised that Sterling Homes will fulfil its obligations to its clients about the programme. (NAN)
