Lagos State Government says it is upscaling its housing delivery performance and subsidising the cost of the homes to reduce the barrier to homeownership in the state.

Lagos State Commissioner for Housing, Mr Moruf Akinderu-Fatai, made this known on Friday in a statement signed by Mrs Adeola Salako, Spokesperson of the ministry.

The commissioner said this was a response to the growing gap in housing demand in relation to the available accommodation in the state.

Akinderu-Fatai said the government was committed to the provision of affordable mass housing units in spite of the increasing cost of building materials occasioned by the current inflationary trend.

He said that Gov. Babajide Sanwo-Olu had directed that cost of homes built by the state should be lower than the market price to make homeownership easier for the people.

Akinderu-Fatai said that the government was pursuing the agenda of housing provision with increased vigour to ensure that more homes are available for residents before the end of the year.

“We are engaging multinationals along with other Ministries, Departments and Agencies to build and support the financing of buildings in the state.

“This is the viable option, given the fact that land is a limited resource in the state,” he said.

He said with population upsurge, meaningful impact could be achieved through space maximisation by the construction of high-rise buildings where progress was being recorded.

According to him, the state’s housing schemes, located in Odo-Onosa Ayandelu, Agbowa, Sangotedo Phase 1, Gbagada and Omole Phase 1, will be delivered soon.

The commissioner explained that the projects were being financed through direct budgetary allocation for the benefit of low and middle-income earners to come on the homeownership ladder.

He said this would be accomplished through a convenient mortgage system where homes shall be allocated through the Rent-to-Home Scheme and whereby the tenure of payment would be 120 months.

Akinderu-Fatai said that an initial payment of five per cent of the value of the homes by the allottees was required before spreading the balance.

He listed other schemes that were being constructed through direct budgetary allocation to include Egan-Igando, LASU, Ita-Marun in Epe and Ajara.

The commissioner said though these schemes were inherited from previous administrations, the government was committed to speedy delivery in line with the THEMES agenda.

“Housing provision is pivotal to the transformation of the lives of the people,” Akinderu-Fatai said.