In order to meet its huge housing needs, Lagos State requires an annual development of about 40,000 housing units and as such needs an aggressive investment in the housing sector.
Lagos State Commissioner for Housing, Mr. Dele Onabokun, who was speaking at the recently concluded Lagos Economic Summit, noted that this cannot be achieved without the involvement of the private sector and therefore invited players in the private sector to partner with the state government to invest massively in the housing sector to make housing much more affordable and accessible to the masses.
Onabokun noted that the challenges posed by housing deficit in the state were monumental and called for drastic and urgent solution, which government alone cannot bear.
He averred that private investors can help uplift the quality of life of the people through the provision of adequate houses, stressing that real estate market in Lagos is waiting for investors to reap huge dividends.
â€œThere is need for a proactive private sector participation in housing delivery for low income group in the state as well as the provision and maintenance of basic infrastructure and public utilities to facilitate socio_economic development in planned human settlement.
The private sector can help in redevelopment of existing estates through improvement/urban renewal and regeneration programmes as well as mobilise for funds for the housing sector,â€ he said.
The commissioner observes that measures that are needed to tackle the housing problems in the state include the establishment of satellite towns to address density imbalance and redirect movement away from the metropolis, and the provision of liberalised and realistic mortgage system.
He conceded that it is the responsibility of government to provide suitable land for housing projects at premium costs subject to location and size; give appraisal and evaluation; issue sub_lease agreement/ certificate of occupancy on land; give planning/development permit; hand over sites to serious-minded developers, among others.
Thereafter, he noted, the private developers/investors then have the responsibility work out the draft; prepare all drawings and bills of qualities; manage the construction and jointly manage the property alongside the government.