Stratech Properties Limited, a notable real estate firm in Nigeria reiterates its commitment towards 1 million homes project to reduce the housing challenges in the country. This was unveiled recently during the company’s 12th year anniversary celebration in Abuja.
Speaking at the event, the Chief Executive Officer of Stratech, Amb. Moses Obisesan, said that mass housing project will take a span of 10 years to achieve, bringing together the three major stakeholders in the housing sector.
He stated that Nigeria has a deficit of 22 million houses and the blueprint was to substantially increase the number of home owners in Nigeria.
“The idea was birthed after series of formal and informal brainstorming sessions held with architects, town planners, bankers, financiers, property developers, housing sales agents, IT professionals, accountants, event companies, and even journalists. We tapped into the wisdom and knowledge of this diverse group before the formation of our concept of 1,000,000 homes.”
Obisesan added that the company has secured a N540 million mortgage loan from the Federal Mortgage Bank of Nigeria (FMBN) during the first year of the official launching of the product.
“The houses will be for low-income earners and cost between N5 to N50 million. Developers need to stop building houses that ordinary Nigerians can’t afford as this will not bridge the housing deficit in the country.”
The promoter of Abuja Housing Show, Festus Adebayo, decried the lack of estate and mortgage brokers in the country. He stated that their absence has left buyers to the whims of developers.