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Developer boosts affordable housing, launches rent-to-own scheme
One of Africa’s foremost real estate firms, Mixta Africa has unveiled a new scheme, ‘Duo’ designed to bridge the gap in the affordable housing segment of the real estate sector.
Duo is lease-purchase options targeted at low to middle income earners in Nigeria beginning with Lagos State for its pilot phase project. The scheme can be accessed for Marula Park housing project located in Lagos New Town, a family-friendly, gated community situated off the Lekki-Epe Expressway.
The Rent-To-Own scheme offers flexible and accessible opportunities to live in one of Mixta Africa’s upscale, beautiful and serene communities on a lease, while working towards the option of outright purchase and complete ownership of a two-bedroom flat for N31.9m at the end of a fixed three-year period. It caters to the middle-income segments of the housing industry, focusing primarily on working families in Lagos.
Speaking at the official launch of the scheme in Lagos, the country manager, Mixta Africa, Mrs. Sade Hughes, said the new innovation is designed with state of the art infrastructure for Nigerians both home and in the diaspora to meet their housing needs.
Hughes explained that subscribers to the scheme will pay rent for three years, which can later translate to property acquisition. She noted that the scheme is in line with the philosophy of the firm, which is to make housing accessible at the market through flexible payment plans, adding that it is also working with the Federal Mortgage Bank of Nigeria through the NHF scheme where Nigerians who subscribed to the scheme can access mortgage at single digit and others.
The Chief Commercial Officer of the company, Mrs. Rolake Akinkugbe-Filani, emphasised that the scheme is designed to ease the financial stress of home buying for Nigerians, leverage the experiences of other payment schemes in Lagos, to provide a unique solution for home-ownership as well as promote financial inclusion.
She described the scheme as a solution that is adaptable to present reality of the mass market, which is that people need affordable products.
Akinkugbe-Filani said: “People often talk about housing deficit but it is really affordability deficit and that is where we want to be a solution provider. As a business the scheme means innovation, makes a considerable proportion of Mixta Africa’s more affordable real estate holdings available to subscribers who would be required to lease this property for a maximum three-year period, after a five per cent non-refundable equity contribution from the total property price.
“The client pays an annual rent which is added to the five per cent contribution, and the total price of the property to be paid at the end of the lease period. After the lease period expires, clients retain the right to make complete payment in addition to the initially contributed sum, to take full ownership of the property. Property title documents are only handed over to the client after full payment.”
On his part, Mixta Africa’s Chief Financial Officer, Mr. Benson Ajayi, said given the reality that the economy is going through some challenging times, and the impact of upcoming elections, the simplicity of the scheme and its competitive entry point will lead to rapid adoption and overall success.
“It is more difficult for companies and individuals to cope now and that is why the kind of product we have launched is very important. Home acquisition has always been a problem, government needs to support developers and lead in providing social housing at prices people can buy and there should be affordable mortgage.”
News
Lagos schedules meeting with owners of distressed buildings.
The Lagos State Government has said it would soon arrange a meeting with developers/owners of distressed buildings on how best to address the redesign and remodelling of such structures by November.
This was disclosed recently by the Commissioner for Physical Planning and Urban Development, Oluyinka Olumide, at a function in Alahusa, Lagos.
Olumide said the prevalence of distressed buildings in different parts of the state was worrisome and needed the urgent attention of all stakeholders.
He said, “The Ministry of Physical Planning and Urban Development as mandated by the Lagos State Urban and Regional Planning and Development Law, 2019, as amended, was willing to extend its responsibility for approving the remodelling of existing buildings to provide technical assistance to developers and owners of distressed buildings, especially on the design and remodelling of such buildings.
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FG threatens contractors over Enugu-Onitsha road delay
The Federal Government has instructed the contractors responsible for the 107km Enugu-Onitsha road dualization to expedite the project.
This directive was given by the Minister of Works, Senator David Umahi, during a meeting with MTN, the Enugu State Government, and the contractors, RCC Ltd and Nigercat Ltd, on Friday.
According to a statement released on Friday, the minister said he is disappointed over the slow pace of work on the project, he said, “Let me express my disappointment over the slow pace of work on that project. It is one of the worst roads in this country.
“Everywhere we have diversion; diverting from the one that RCC and Nigercat had completed, the contractors are not kind enough to even put stone based on the diversion points.”
He added, “So, by the reason of the launching of our Operation Free our Roads, it is now a violation of the policy on the side of the controllers and directors of the Federal Ministry of Works where we have vehicles falling on any project that is ongoing or where there are potholes on our roads.”
He also blamed the sufferings of road users on the lack of commitment and insensitivity of the contractors.
“The public must know that the President’s intention is not for them to suffer while trying to fix the roads, and it is their right to insist that contractors should fix the roads that they are engaged on,” he said.
The Minister commended the Enugu state government for their resolve to fund the construction of a 20 KM section of the road and expressed hope that MTN would execute the second phase of the project.
He noted, “Why the Enugu State government is intervening is because of the slow pace of work by the contractors and because of funding issues. The essence of tax credit is for funds to be made available. And so, I don’t see RCC going to keep their promise to finish this project in 6 months.
“My advice to MTN is to look for another contractor within that axis if they want to get the job done. Division of labour is even the best. While they are doing the road, and if Nigercat is doing a good job, you can give them greater scope to do if you want to finish that job.”
He warned contractors that the Federal Government would not accept phased handovers of projects and has phased out Variation of Price in contract administration.
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Ekiti state government mediates land dispute between traditional ruler and family in Epe-Ekiti
The Ekiti State government has intervened to resolve a longstanding land dispute between the Elepe of Epe-Ekiti, Oba Ayodele Adesoye, and the Atolagbe family. The government cautioned against the misuse of modernization as an excuse to disregard traditional customs.
In line with the community’s traditions, the government has ordered the release of resources, including palm trees at Oko Oba Farmland, to Oba Adesoye for his administration. This decision ensures the continued adherence to age-old practices.
Ekiti State Deputy Governor, Chief (Mrs) Monisade Afuye, announced the resolution in Ado-Ekiti. The decision was made after considering the Elepe’s claim to Oko Oba Farmland based on historical evidence.
Mrs. Afuye acknowledged the Elepe’s right to be the custodian of Oko Oba Farmland, citing longstanding traditions that support his claim. The decision reflects the importance of respecting historical practices and ensuring their preservation.
The deputy governor, however, told the monarch in clear terms that other princes and princesses from all the three ruling houses should be allowed to farm on the land without payment of royalty.
Mrs Afuye appealed to the community to comply with the government’s position to restore unity, peace and orderliness to the beleaguered community.
Oba Adesoye expressed gratitude for the government’s decision and pledged to foster peace and unity between the throne and the community, aiming to accelerate Epe’s development.
Representing the Atolagbe family, Dr. Yemi Agbeleoba acknowledged their willingness to cede Oko Oba Farmland to the monarch. However, he emphasized the need for all three ruling houses to participate for a lasting and traditional solution.
Agbeleoba expressed appreciation for the government’s directive, believing it will contribute to resolving the long-standing conflict.
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