Fashola’s Shocking Prices of Lagos HOMS for the Poor

Room & Parlour N4.2 m, 1 Bedroom N4.10m to N9.08 m, 3 bedroom:N32.53m in Gbagada

Lagos State Governor, Mr. Babatunde Fashola has formerly flagged off the much talked-about Lagos Home Ownership Scheme (Lagos HOMS), stressing that it is in fulfilment of the promises he made during his electioneering campaign to deliver affordable homes to Nigerians.

He explained that the Lagos HOMS is different from a house in that it provides shelter and security adding that the state government did not borrow to put up the houses but that they were built with taxes of tax-complying people of Lagos State.

“Our view of a home is that it is something you pay for gradually and it is a place of safety well built, safe and sound, to protect you and your family from the hazards of nature such as rain and heat; a place that will not flood or suddenly collapse; an asset that outlives you. These and more are the ideals that have inspired the event that we are gathered to start today; the Lagos HOMS”, Fashola said.

The state government kicked-off the scheme with 1,104 completed homes while another 3, 156 homes are at various stages of completion.

“We are starting 132 units in Iponri, 720 units in Ibeshe, Ikorodu, 420 units in Ajara, Badagry, 648 units in Sangotedo Phase II, 216 units in Obele, 36 units in Oyingbo, 1,252 units in Ilubirin and 1080 units in Ijora Badia”, the governor said adding that it could have sold the houses, collect the money and wait for the next batch and do the same but that for government, sustainability is the key.

Fashola explained that the state government has taken pains to design the flats such that the have more space than most of what is available in the open market.

“For instance our one bedroom flat is 60.22 square meters while the 2 bedroom is 75.79 square meters and the 3 bedroom is 123.88 square meters. They all contain more living area than many of the standard 1, 2 and 3 bedrooms in the market, which are ordinary available to middle and low income bracket people who are our target under this project”, he said.
To be able to build the houses, government has to set aside the sum of N200 million monthly at the beginning, which it has now upgraded to N500 million monthly.

The governor said that government hopes to complete 4,260 homes before the end of the year adding that it will however flag-off the exercise by rolling out the first 200 units in March. Applicants are expected to pay 30 percent
equity and pay the remaining at 9.5 percent interest for a period of 10 years.

The prices range from N4.2 million for room and parlour and N4.10 million to N9.08 million for one bedroom flat depending on the area, two bedroom N6.22 million to N18.61 million(Gbagada) and three bedroom ranging from N9.96 million(Hon Shotomiwa Estate Igbogbo) to N32.53 million the highest in Gbagada Phase II.

Fashola said the houses are only available for residents of Lagos who have paid taxes for a period of 5 years and registered with Lagos State Resident Registration Agency (LASRA) and residents who have never owned a home in Lagos. He appealed to Nigerians to bid for houses in areas where they are willing to live since the homes cannot be rented until 10 years after completion of the payment. He warned that to act otherwise is breach which could force the state government to repurchase the houses adding the scheme will be self-sustaining if default rate is 7 percent.

Fashola said the houses are available by ballot. All applicants are however to pay a non-refundable processing fee of N10,000.

Earlier Fashola inaugurated a five man board for the Lagos HOMS. The Members are Commissioner for Finance, Mr. Ayo Gbeleyi, Chairman, Akinola Ojo Sagoe Executive Secretary, Mrs. Bola Fashola(member), Bayo Forsythe(member) and Commissioner for Housing, Mr. Bosun Jeje(member).
Homs
ICE CATEGORIES AND RANGES
S/N PROPERTY TYPE PRICE RANGE LOCATION SIZE(m2) PRICE
1 ROOM / PALOUR N4.34m MICHEAL OTEDOLA ESTATE ODORAGUNSHI
(60.22) 4.34m

1 1 BEDROOM TYPE 1 N4.10-6.40m ODO ONOSA/ODO AYANDELU (60.22 )4.10m
2 OBA ADEBORUWA ESTATE IGBOGBO (60.22) 6.47m
3 MICHEAL OTEDOLA ODORAGUNSHI
(60.22) 6.40m

1 1 BEDROOM TYPE 2 N7.50-7.85m IGBOGBO PHASE II
(60.22) 7.50m
2 IGANDO GARDENS
(60.22) 7.54m
3 MAGODO (60.22) 7.57m
4 OMOLE SCHEME (60.22) 7.71m
5 SANGOTEDO 47 7.85m

1 1 BEDROOM TYPE 3 N8.25-9.91m SHOGUNRO I
(60.22) 8.35m
2 SHOGUNRO II
(60.22) 8.61m
3 SHITTA, SURULERE
(60.22) 8.25m
4 ILUPEJU
(60.22) 9.08m
5 MUSHIN
(60.22) 8.28m
6 LEKKI SCHEME I (60.22) 9.91m

1 2 BEDROOM TYPE 1 N6.22-7.22m ODO ONOSA/ODO AYANDELU (75.79) 6.22m
2 OBA ADEBORUWA ESTATE IGBOGBO
(75.79) 7.91m
3 MICHEAL OTEDOLA ODORAGUNSHI
(75.79) 7.22m

1 2 BEDROOM TYPE 2 N9.44-9.71m IGBOGBO PHASE IIB
(75.79) 9.44m
2 IGANDO GARDENS
(75.79) 9.48m
3 MAGODO SHANGISHA (75.79) 9.52m
4 OMOLE SCHEME (75.79) 9.71m

1 2 BEDROOM TYPE 3 N10.38-12.47m SHOGUNRO I
(75.79) 10.51m
2 SHOGUNRO II
(75.79) 10.83m
3 SHITTA, SURULERE
(75.79) 10.38m
4 ILUPEJU
(75.79) 11.42m
5 MUSHIN
(75.79 )10.42m
6 LEKKI SCHEME II (75.79) 10.54m
7 LEKKI SCHEME( I 75.79) 12.47m

1 2 BEDROOM TYPE 4 N14.69-18.61m SANGOTEDO
(88) 14.69m
2 GBAGADA 2B (75.79) 18.61m

1 3BEDROOM TERRACE N8.77m ODO ONOSA/ODO AYANDELU (123)9 8.77m

1 3 BEDROOM TYPE 1 N6.96m ODO ONOSA/ODO AYANDELU (123.9) 6.96m

1 3 BEDROOM TYPE 2 N9.96-11.02m HON. SOTONWA ESTATE, IGBOGBO
(123.9) 9.96m
2 HON. MUSTAPHA OJOKORO
(123.9) 11.02m

1 3 BEDROOM TYPE 3 N15.43-15.87m IGBOGBO PHASE II
(123.9) 15.43m
2 IGANDO GARDENS
(123.9) 15.50m
3 MAGODO SHANGISHA (123.9) 15.57m
4 OMOLE SCHEME (123.9) 15.87m

1 3 BEDROOM TYPE 4 N16.69-17.71m SHOGUNRO I
(123.9) 17.17m
2 SHOGUNRO II
(123.9) 17.71m
3 MUSHIN
(123.9) 17.03m
4 LEKKI SCHEME II (123.9) 17.22m
5 SANGOTEDO
(100) 16.69m

1 3 BEDROOM TYPE 5 N18.67-20.39m ILUPEJU
(123.9) 18.67m
2 LEKKI SCHEME II (123.9) 20.39m

1 3 BEDROOM TYPE 6 N32.53m GBAGADA 2B
(123.9) 32.53m