Novarick Homes advocates trust, transparency in property delivery amidst rising construction costs

Novarick Homes, a leading real estate development company in Lagos, has reaffirmed its dedication to fostering trust and transparency in property delivery amidst the challenges posed by the current surge in construction costs.

As the real estate industry grapples with evolving dynamics and escalating construction expenses, Novarick Homes said it is committed to setting an industry standard by openly addressing the impact of construction cost fluctuations on real estate projects.

Acknowledging the challenges presented by rising construction costs, CEO of Novarick Homes, Noah Ibrahim, said it is important to maintain an open and transparent dialogue with stakeholders especially in an industry where trust and transparency can sometimes be overlooked.

“It is essential not only to navigate the rising tides in construction costs but also to carry stakeholders along.Over the past three years, the prices of essential materials have skyrocketed, with cement, for instance, doubling in cost from approximately N3,500 to an average of N7,500 per bag as of last week. While passing these increased costs to clients can be challenging, we firmly believe that transparency is key. By openly communicating these challenges, we aim to foster trust and confidence, thus enabling us to fulfill our commitments despite these obstacles,” Noah explained.

“We believe that trust is the foundation of successful real estate development. As the industry faces cost-related challenges, the company remains dedicated to upholding transparency in all its operations, from project timelines to communication with clients and partners.

“Our dedication to transparency remains steadfast. We acknowledge the concerns of our stakeholders in light of the escalating construction costs. It is our promise to offer transparent insights into our processes and decisions, ensuring clarity in all our interactions. Additionally, we are introducing new initiatives such as mortgage partnerships and flexible payment plans to help alleviate the burden of meeting payments during these challenging times.”

He added that, “In an environment where market dynamics and economic factors can significantly impact construction costs and delivery timelines, maintaining transparency in pricing and project management is crucial.

“Our dedication to openness reassures stakeholders of our commitment to delivering value while navigating these obstacles.”

Novarick Homes and Properties is a leading real estate developer committed to creating innovative and sustainable living solutions. With a focus on transparency, integrity, and community development, Novarick Homes strives to redefine the standard of living in Nigeria through sustainable real estate.