Weekly Briefing 29/02/2021

FG unveils affordable housing cooperative scheme in Lagos

The Federal government in a bid to reduce the housing deficit across the country has launched a new housing cooperative scheme in Lagos. The housing scheme located in Lekki Lagos was launched by the Managing Director of the Federal Housing Authority, Sen. Gbenga Asahfa.

Speaking at the launch, the Managing Director of the FHA Mortgage Bank explained that a single digit interest rate was available for anyone who uses their mortgage scheme available on these homes. This scheme, an initiative of the bank allows Nigerians as well as cooperative societies to access mortgages. These mortgages can be accessed for a period of 30years with a cap of ₦15 million.

According to Senator Ashafa, the FHA is working on reclaiming 1,000 hectares of land in FESTAC to further demonstrate their commitment to providing affordable housing to Nigerians. With this plan and many more in the works, the housing deficit will be narrowed down in no time.

LandWey launches the first wellness and polo city in Lagos.

Innovation is gradually taking the forefront even in real estate as LandWey Investment Limited, a real estate development group has launched the first wellness and polo city called Isimi Lagos in Epe. Located in the North side of Lekki Lagoon, Isimi Lagos is a timely invention and escape from the hustle and bustle of Lagos living in a city that thrived majorly on a teeming population and vibrant demography, it said.

Isimi just like the name suggests is peace of mind and offers residents and visitors a truly rewarding experience. Propelled by a need to alter the regular narrative of Lagos being a city of hustle, bustle and zero relaxation, Isimi is set to completely change this narrative.

At the launch, the Chief Executive Officer, LandWey, Mr Olawale Ayilara, said, “ISIMI Lagos will dramatically alter what we currently consider the norm in Lagos. “It will be a living experience like none other. As soon as you walk in, you will just be able to feel your stress melt away.”

Dubai developer, Emaar to double its operations in Egypt

Emaar, the prominent Dubai developer has announced plans to double its operations across Egypt. It comes after Emaar announced its latest plans for the reconstruction of West Cairo.

Emaar Misr, the Egyptian unit of the Dubai development company, last week announced plans for the Belle Vie residential project, spread across 500 acres, in Sheikh Zayed City.

It is the company’s second project in West Cairo after the $734 million Cairo Gate.

Lagos state charges residents to lodge complaints against arbitrary rent increase

The Lagos State government has initiated a process that allows Lagosians to report unfair rent charges and increases.

Announced by the Senior Special Assistant to the Lagos State Government, Mr Ayodeji Amodu, this initiative has become necessitated as a result of constant rent increases that have demanded an enforcing of the law that guides the regulation of rent. To enforce the law, complaints have to be made.He further stressed that a new agency has been put in place to monitor the regulation of rents across the state.

He further implored that complaints on rent and it’s compliance to the law can be reported to the Lagos State Real Estate Regulatory Authority (LASERA). Both tenants and landlords alike have access to LASERA and can resolve amicably all issues regarding rent.

ESVARBON to appeal verdict as court backs Lagos on real estate regulation.

Legal battle over the regulation of real estate transactions in Lagos state is expected to move to the appellate court, following the lower court’s affirmation of the government’s power to regulate the sector.

The Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) and the Nigerian Institution of Estate Surveyors and Valuers (NIESV) have met with their lawyers and agreed to appeal the judgment.

The respondent urged the court to determine whether having regard to the provision of Section 4(2) and (3) of the Constitution, Lagos State Government has the power to enact the Lagos State Real Estate Agency Regulatory Authority Law, 2007 Law of Lagos State, Cap L28, Laws of Lagos State, 2015.

They also filed a notice of preliminary objection dated November 30, 2020, praying the court for an order striking out the applicants’ suit as presently constituted.

4point Property hits new milestone with the sell-out of Rose Gardens, sets to allocate plots in first quarters 2021

The reality of 4Point Property’s drive to reduce the nation’s housing deficit has recorded yet another milestone achievement as the Lagos-based development company announces another complete sell out of it’s Rose Gardens Phase 2 Land Project at Orimerunmu community in Asese, Ogun State.

This is coming only months after the company announced the sellout of its premiere housing project, Rose Gardens Bungalows situated within the same Asese town where over 18 units of bungalows/terraces are currently being constructed with road network within the estate near completion.

With the latest milestone reached, the company’s mission of providing affordable housing opportunities to families and giving back to the communities they serve is slowly gaining momentum towards the much bigger vision of playing a significant part of solving the country’s housing deficit while positioning itself as the most trusted property development company in Nigeria.



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Weekly Briefing 29/02/2021

FG unveils affordable housing cooperative scheme in Lagos The Federal government in a bid to reduce the housing deficit across the country