Login Register
feel free to call 09056000005

Federal Government's Ambitious Housing Scheme Gains Traction with Industry Enthusiasm

In a significant move towards addressing housing challenges in Nigeria, the Federal Government's proposed housing scheme has garnered attention from professionals in the built environment, particularly mapping experts. The allocation of N100 billion for the Renewed Hope Estates and Cities project has ignited optimism among Nigerians aspiring to own homes.
 
Surveyors, notably members of the Nigerian Institution of Surveyors (NIS), are actively seeking survey jobs for the delineation of 1,800 hectares into plots. Following the Senate's endorsement of the budget, these professionals are reaching out to ministry officials to offer their services to the scheme.
The Federal Ministry of Housing and Urban Development has taken strides by requesting land from state governors for the project, with indications that most governments are willing to participate. Approximately 50 hectares from each of the 36 state governments, totaling 1,800 hectares, will be transformed into plots across various sites.
 
The proposed 34,500-housing scheme, with an anticipated 27,000 plots from states, is expected to kick off early next year after mapping experts submit completed layouts to the government. The first phase aims to generate 240,000 jobs for professionals, contractors, and artisans.
 
Real Estate Market in India: 2023 and Beyond! - SOBHA Ltd.
 
Under Phase 1, the housing scheme will feature a mix of one, two, and three-bedroom affordable bungalows, multi-level flats for low-medium income earners, and terrace and detached bungalows and duplexes for high-income earners. Key state capitals, including Lagos, Kano, Borno, Nasarawa, Port Harcourt, Enugu, and the Federal Capital Territory (FCT), are targeted for development. In addition to conventional housing, the initiative includes a revitalization of the sites and services scheme, offering development-ready plots with necessary infrastructure for housing construction.
 
The Federal Ministry of Housing and Urban Development plans to collaborate with the private sector, leveraging the Federal Mortgage Bank of Nigeria (FMBN) and Public-Private Partnerships with developers. The program aims to cater to various income brackets and promote community cohesion and shared responsibilities.
 
 
While the sites and services program has historically played a crucial role in housing supply, recent findings suggest a shift towards Public-Private Partnerships. The Minister of Housing and Urban Development, Ahmed Dangiwa, emphasized the government's commitment to promoting integrated and functional communities.
 
Dangiwa outlined a mix of ownership options, including FMBN mortgage loans, Rent-to-Own housing products, Public Rental, and collaboration with the private sector to reduce costs. To make these initiatives successful, the support of state governors in providing free land is essential, significantly contributing to the affordability of housing for Nigerians.

 

Source: GuardianNg

Quick Links:
 

 

Similar Topics

Event Set to Celebrate Managers Who Shape Careers and Drive Organizational Growth   Business...

10 days ago Read More

Global Leaders to Converge in Lagos for Landmark Event Driving Urban Innovation and...

11 days ago Read More

In a bold move to redefine affordable luxury housing, Nigerian real estate giant Gtext Holdings has...

19 days ago Read More

Industry Experts Urge Anti-Corruption Measures, Innovative Financing to Address Crisis By: Oche...

24 days ago Read More

LAGOS, NIGERIA – Global real estate consultancy Knight Frank and UK developer Mount Anvil...

26 days ago Read More

By Oche Onum Lagos, Nigeria As Nigeria’s real estate sector braces for 2025, rapid...

a month ago Read More

By Oche Onum Abuja, Nigeria In a landmark move to combat climate vulnerabilities in urban...

a month ago Read More

LAGOS, NIGERIA The Federal Government announced plans Wednesday to establish a Real Estate...

a month ago Read More

According to The Guardian's investigation, 70% of Nigerian states rely on manual land...

a month ago Read More

What is the Initiative? The Federal Government of Nigeria has unveiled an N100 billion private...

a month ago Read More

Abuja, Nigeria’s gleaming administrative capital, has long symbolized hope for migrants...

a month ago Read More

Abuja, Nigeria The Federal Housing Authority (FHA) has suspended all ongoing construction projects...

a month ago Read More

Lagos, Nigeria  Amid Nigeria’s escalating housing affordability crisis, real estate...

a month ago Read More

Renowned Nigerian gospel artist Mercy Chinwo has broken her silence in an emotional video...

2 months ago Read More

The Nigerian real estate market is projected to hit $2.25 trillion by the end of 2025, according to...

2 months ago Read More

Nigeria’s Minister of Housing and Urban Development, Ahmed Dangiwa, has called on...

2 months ago Read More

Affordable Housing and Luxury Properties Set to Propel Nigeria's Real Estate Market Over the Next...

2 months ago Read More

Hope for improved housing supply in Nigeria may remain unfulfilled, as the 2025 fiscal budget...

2 months ago Read More

Nigeria commemorated its annual Armed Forces Remembrance Day on January 15, honoring military...

2 months ago Read More

Nigeria’s ongoing GDP and CPI rebasing reveal real estate has overtaken oil and gas as the...

2 months ago Read More