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Lagos, investors to deliver 14,187 housing units in 2020

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Lagos, investors to deliver 14,187 housing units in 2020

Lagos State Commissioner for Housing, Prince Gbolahan Lawal yesterday said that the state government’s joint venture partnership in housing development across the state would deliver 14,187 housing units before 2020.

 

Briefing journalists on activities of his ministry in the last one year at the ongoing Ministerial Press Briefing, Lawal said that the partnership was under its housing programme tagged Lagos Affordable Public Housing (LAPH) initiative introduced by the government to inject private funds into the provision of houses to enable the state bridge the gap in the housing deficit already put at three million.

 

According to him, by this initiative, the state would provide 20,000 housing units over a period of four years spanning 2017-2020. Lawal said: “This initiative is implemented through a Joint Venture arrangement between the State and the private investor/Joint Venture Partner.

 

Under this initiative, the state provides land, the documentation in terms of permits, approvals, registration of documents and stamping as its own contribution to the Joint Venture while the Joint Venture Partner provides funds and construction expertise as its contribution.

 

“In line with the investment policy of Lagos State and for the purpose of creating an investment data base, title to the project site  is vested in IBILE Holdings Limited, the investment agency of the state government which will in turn grant a deed of sublease of the unexpired residue of its interest to the Special Purpose Vehicle/Project Company to be incorporated for the purpose of execution and management of the project.”

 

Under the joint venture arrangement, Lawal said 14,187 housing units would be delivered very soon, adding that the Ikota and Ogombo scheme would deliver 3,300 housing units, being developed by Multi-Purpose Infrastructure Development Construction Limited, while the Ibeshe and Owutu scheme that would deliver 3,000 housing units was being developed by Affordable Mass Housing Company Limited.

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