The Real Estate Development Association of Nigeria (REDAN) in collaboration with Shelter Afrique is set to provide 77,400 affordable housing units for Nigerians across the country.
Dr Aliyu Wammako, President of REDAN, who disclosed this in an Interview with our correspondent on Monday, in Abuja said this was part of the association’s Rural Urban Housing Initiative (RUHI 774).
Wammako explained that, under the arrangement, they would provide 100 houses in each of the 774 local government areas.
He added: ”The programme are designed to enhance housing delivery in the country and it is for the benefit of all Nigerians.”
According to him, only 20,000 Nigerians, mostly teachers, LGA workers and personnel from the paramilitary, who have so far applied for a house under the RUHI774 project, were captured in the data base.
”Nigeria is the highest investor in Shelter Afrique, and the company recently declared 1.3 billion dollars profit.”
”But with less or no visible commensurate developmental project of the company in the country.”
”Our association therefore decided to partner with the company, in order to bring home the desired benefits.”
Wamakko also lauded the proposed Federal Government’s Housing Bond for the real estate sector, which he said would enhance housing development and affordability in Nigeria.
The REDANl president urged the federal government to recapitalise the Federal Mortgage Bank, to meet up with the high demands from contributors of the scheme.
He, however, urged both Federal and state governments to leave direct construction of houses to the real estate developers for a better result.
“The government has no business building houses, but should concentrate on the provision of land, infrastructure and single digit loans to the real estate players.”
“This will translate into affordable housing, create more employment opportunities, and ensure return on investments,” he added.
Our correspondent reports that the selling price of houses under the RUHI774 project is from N2.5m and above, depending on the location and the house’s prototype.
It was also reported that REDAN is the umbrella body of private and public sector organisations engaged in real estate development in Nigeria.