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Architects explore property cooperatives

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In a bid to enhance home ownership among members, the Nigerian Institute of Architects (NIA), Lagos chapter, is initiating cooperative society model to take care of their accommodation needs.
Chairman, Fitzgerald Umah, who made this known, said Lagos Architects Property Cooperative (LAPC) has become imperative in order to exploit opportunities of home ownership for its numerous members.
Besides, he said it would afford them the opportunity to develop the land allocated to the institute by the Lagos State Government.
Speaking at his re-election ceremony, Umar gave assurance that the new executive would start the process of developing property cooperative, advising architects to be part of it, being one of the efforts at ensuring that architects own properties of their own.
This newspaper gathered that housing cooperatives were currently becoming popular among many groups in the society, as the model affords them the opportunity to pool funds together for the purpose of purchasing large expanse of land and developing property of their own or for investment purposes.
The chairman also promised to ensure proper implementation of various projects, pointing out that document for professional intervention programme had been sent to the Lagos State Government for review.
He enjoined architects to support the programme, which is intended to bring a positive change to the industry.
As regards NIA Lagos chapter property development, he said his executive members had valued the land, while considering various options from joint venture developments to self development or sale.
Besides, he said that competition programme had been set for students, firms and individuals to come up with viable proposals to move the industry forward.

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