The Lagos State Governor, Mr. Babatunde Fashola, has vowed to deliver affordable housing to Lagosians using a mortgage system that will ensure gradual payment if elected for a second term in office.

Fashola made the promise while addressing party supporters at an election rally in Ibeju Lekki last week in continuation of his bid for re-election as the governor of the state in the coming general elections.

He acknowledged that it was practically impossible for majority of Lagosians to be able to own their houses without an affordable mortgage plan in place, adding “I am determined to break this mortgage jinx.”

According to the governor, government will de-emphasise building houses that could only be afforded by the rich but now prioritise on the provision of low cost houses. He said, in line with the new thinking, about 2,000 low cost houses have already been built across the state as a pilot scheme of the housing development programme, out of which 200 are sited in the Ibeju Lekki area.

“To own any of these houses, you will only pay thirty percent of the one you like and complete the payment over 10 to 15 years. And as the mortgage business expands, the number of years will be extended to 25 years.

But the house becomes yours the very day you pay the 30 percent deposit” he said, adding that the houses will be given out on first come, first serve basis. If you are number 101 on the payment list, you will wait until the 101th house is built,” he said.

Fashola further declared that the state government has already secured the needed land for the housing scheme in twelve locations across the state, adding that the least of the lands is 30 hectares while the biggest is about 400 hectares.

The governor also promised to empower the indigent people to partake in the real estate boom currently being witnessed in the area, noting that the area is already being dubbed the fastest growing real estate zone in West Africa. He remarked that the area will soon host the biggest Free Trade Zone in the sub-region complete with an airport, a seaport, in addition to a fertilizer and petrochemical company.

“I just returned from Scotland where we went to finalise the arrangement of gas supply that will be used for the Independent Power Project (IPP) of the Lekki Free Trade Zone and all of Ibeju Lekki area,” he added.