The Federal Government has been told that the current skyrocketed cost of building materials has been widening the gap of the 17 million housing deficit in Nigeria.
The alarm was raised by Fendini Group, a frontline estate developer at the unveiling of Rayfield Gardens City Estate, Ibadan, Oyo State, comprising a new range of luxurious four and five-bedroom penthouses and duplexes.
Head of Customer Relations for Fendini Group, Miss Halima Abdulrafiu, stated: “We are of the opinion that stakeholders have a lot to do in managing the cost and final price of real estate products.”
The Minister of Housing and Urban Development, Ahmed Dangiwa, spoke recently on the over 20 million housing deficit in the country, saying that bridging the gap would require delivery of at least 500,000 housing units annually by the government over a period of 10 years.
Abdulrafiu stated: “The cost of purchasing iron bars, cement, roofing sheets and other building materials, including aggregates, has made it very difficult to mass produce housing, which is intended to close the over 17 million housing deficit in the country.”
She encouraged the federal and state governments to partner with developers, and all the stakeholders in the real estate sector, so that homes could be more affordable, to mitigate the inflation and high cost of building materials.
Abdulrafiu further noted that the Fendini Group was committed to leading the real estate market in Oyo State by setting new standards. He said: “Our latest additions include the luxurious four-bedroom smart duplex, ultra-luxury four-bedroom penthouse, super classic five-bedroom duplex, and urban premium five-bedroom penthouse. These new property types complement our existing range of standard and terrace duplexes.”
She noted that the growing economy of Oyo State and the increasing number of captains of industries and business tycoons that have chosen to either settle down or resettle in Ibadan has grown significantly. The development, she explained, informed the company’s decision to design functional and luxurious duplexes.
“Our four-bedroom penthouse features a gym, swimming pool, home office, gazebo, carport and expansive open terrace. The urban premium five-bedroom penthouse boasts advanced features, including smart control systems, an elevator, a suspended swimming pool and high-quality finishing.”
Abdulrafiu emphasised that the estate already featured a functional supermarket and various completed residential projects, with residents currently living on site.
She added that the Oyo State Government has led a strategic partnership in housing development and it is good for others in various government cadres at national and sub-national levels to emulate Governor Seyi Makinde’s public-private partnership initiatives on housing development.
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