Lagos – Mr Taiwo Ogunbodede, the chairman, Real Estate Developers Association of Nigeria (REDAN), South-West Zone, on Saturday said the new Lagos State Housing Initiative would benefit ordinary citizens.

Ogunbodede, in an interview in Lagos, expressed worry that Nigerians might not favour the method being practiced by REDAN to cushion economic recession.

“ The era of you building property, people paying out rightly has passed.

“You have a situation where people are selling property through what we call instalmental and flexible payments.

“In Nigeria today, it is possible that you buy a property without going through mortgage and pay in 36 months, pay in 48 months, you get the keys to your house,’’ he said.

According to him, even, the rental payment introduced by the Lagos State Government is a good initiative.

“It helps a whole lot for somebody who can plan; so, it is a good initiative for those who can afford it, and for those who can fit to that payment realm.

“As developers, we have put such structures in place before now, but most Nigerians, I can assure you, will still look forward to paying ahead yearly.

“People do not want to be bothered about the monthly payment, because you have to keep thinking every month,’’ he said.

Ogunbodede said that the association was planning a seminar with building regulatory agencies in November to educate both the registered and unregistered developers on best practices to avert building collapses.

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