Developer launches ‘Ojo Ola’ Housing scheme for low income earners

One of Nigeria’s leading real estate developers, Sterling Homes, has launched the first inclusive housing scheme named ‘Ojo Ola’, designed to make buildable lands accessible to low-income Nigerians.

The Chief Executive Officer (CEO) of Sterling Homes, Dr. Kunle Adeyemi, disclosed this to the News Agency of Nigeria (NAN) on Saturday in Lagos.

Adeyemi, also General Secretary, Real Estate Developers Association of Nigeria (REDAN), South-West chapter, stated that the Ojo Ola housing scheme meant a “better tomorrow housing Scheme”.

He said the scheme was designed for customers at the base of the pyramid of housing needs who could not afford to own a decent home.

The developer listed the categories of people under the group as petty traders, average salary earners, teachers, artisans, and motorists, among others.

The realtor said that the locations of the affordable housing scheme were at the Anuoluwapo layout scheme at Igbodu in Epe, Lagos.

He also mentioned the Irewolede layout scheme at Kobape in Abeokuta and the Orelope layout scheme at Alabata in Ibadan.

“We have other layout schemes underway at Ikorodu, Ifo, Badagry, Atan, and Idi-iroko.

“We also plan to launch an initiative in Asaba for the South-South region by November and cover other regions of the nation soon.

“The housing pyramid is like a triangle, and at the apex of it are the high-income earners; in the middle of the triangle are the middle-income earners.

“At the base of the triangle are the low-income earners.

“The base of the pyramid is where we have the majority of Nigerians; hence, the Ojo Ola initiative was borne out of a compelling need to help this category of people own a home,” he said.

According to him, the layout scheme is custom-made for the set of people, with free architectural design from Sterling and no developmental level or land grab issue.

He explained the subscribers were at liberty to build their preferred house design on the land because it had no developer’s control and could not necessarily pick from the Home’s free architectural design.

“The free architectural design we are providing to our subscribers to select from the pool of available designs would have cost them a whopping N300,000, so they can save that to build their houses,” he said.

Adeyemi stated that statistics had revealed that Nigerians at the base of the pyramid of housing were well over 75 percent of the population.

He noted that more than 18 million out of the estimated 20 million Nigerians with housing deficits were low-income Nigerians.

Adeyemi expressed worry that the middle-income earners in the country were gradually closing up, and as such, the country now had either rich or poor classes of people.

The realtor noted that there was less attention paid to low-income earners in the array of available housing schemes; hence, the future was not guaranteed for them to own a home.

“Many low-income earners are eager to own a home; they also have the right to, but do not have enough resources to acquire it.

“Over 60 percent of Nigerians earn below N100,000 monthly, and unless many of them engage in fraudulent activities, they may not be able to afford a home.

“To guide against such fraudulent activities within our system, arising from the desperation to own a home, led to the launch of the Ojo Ola housing scheme,” he said.

According to him, the scheme, in its magnanimity, does not compel the subscribers to build their houses within a specific period of purchasing land but at their own pace.

The developer stated that the two major targeted audiences for the scheme were home seekers and investors.

Adeyemi explained that the home seekers were people who desired to have a shelter as a basic need of life and to stop the harassment from landlords.

He said the payment plan for the home seekers was designed to accommodate the lowest entry cost, which could be paid in installments of N7,500 weekly or N30,000 monthly.

The realtor said the journey of the initiative’s home seeker’s plan began with owning land, becoming a landlord, and after-sale services.

Adeyemi said the initiative’s investor’s plan was designed for those interested in investing in real estate, whether to sell the land when it appreciated more or to build houses for rent.

According to him, the lands are located in places with huge potential because of the ongoing development in the vicinity and, as such, are accessible to build on.

Adeyemi urged Nigerians to embrace the initiative to secure a future, as real estate is the new oil of the nation.

The realtor pledged that Sterling Homes would deliver on its promises to its customers.