…unveils range of affordable homes amid hostile economic challenges  

By Dickson Omobola

Against the backdrop of bottlenecks hindering the practice of real estate in the country, the Chief Executive Officer of Darryl Homes Nigeria Limited, a real estate development company, Yusuf Odumade, has joined other stakeholders clamouring for the review of Land Use Act.

Odumade who made the disclosure while commenting on the state of real estate industry in an economy under recession, said there is a need for the government to review the Land Use Act for the industry to thrive as expected.

Odumade said, “There are several areas within the Land Use Act that stakeholders believe require amendment. Some key areas for consideration include, streamlining the land acquisition process to make it more efficient and transparent;

“…simplifying the process of obtaining and transferring land titles to encourage investment and reduce bureaucracy, and allowing for more flexibility in land use regulations to accommodate evolving needs and changing market dynamics.”

According to him, others include “Ensuring fair compensation for land owners in cases of compulsory acquisition, as well as improving dispute resolution mechanisms related to land matters to enhance investors’ confidence.”

Odumade also expressed the belief that the involvement of a state governor (in whose office rights to land matters are vested), like Lagos, is bogged down by the fact that documentation may vary depending on the specific laws and regulations of the state.

He therefore noted that the governor or the relevant government authority must be referenced in certain land transactions because the involvement helps ensure the legality and authenticity of the transfer of ownership and provides an official record of the transaction.

However, he said, “It is important to consult local land laws and regulations to determine the specific requirements for land documentation in each jurisdiction.”

Also speaking on how to bridge the huge housing deficit in the wake of economic challenges in Nigeria, he said his firm has unveiled a range of homes and commercial master- piece at affordable prices.

Disclosing this in a statement, he noted that his firm has put in place potential approaches including flexible payment plans and financing options for buyers to purchase the home and commercial units at affordable prices. 

According to Odumade, enhanced marketing efforts, which include online platforms and virtual property tours, have been put in place by his firm for collaboration with financial institutions to explore partnerships that will facilitate mortgage financing for potential buyers.

He added, “We have done some mortgage deals, and we will be willing to help more clients go through the process. We stay informed about government policies or incentives that may support the real estate sector during economic challenges.”

He listed the affordable projects to include Zahra Court (sold out); Pier which comprises six Luxury Terrace (sold out), Kik’s Luxury-Residence, The Bay’s Edge, The Maison, and the Paramount Luxury.

While noting that the prices of building materials have been escalating by the day, Odumade stressed that real estate developers are employing various strategies to cope with the challenges, through such means as an exploration of cost-effective alternative construction materials, without compromising quality and durability.

This, according to him, is made possible, “Through the implementation of value engineering techniques to optimise the use of materials and reduce waste, establishment of partnerships with suppliers to negotiate favourable pricing or secure bulk purchases.

“There are business agreements between some developers and some suppliers. They allow the developers to take on credit and pay them upon sale of their property;

“…as well as facilitation, through cost analysis and budgeting, identification of areas where cost savings can be achieved, which doesn’t necessarily mean cutting corners; just a cost-effective mechanism.

“Adaptation of project designs to optimise material usage and minimisation of waste, and diversification of sourcing options to explore different suppliers and markets for competitive pricing.”