The Lagos State Government has urged Lagosians to key into the proposed Lagos monthly rental policy initiated set to kick off in 2022.
Speaking at the 2nd Lagos Real Estate Marketplace conference and exhibitions, tagged: “Lagos 21st century real estate investment hub” organised by the Lagos State Real Estate Regulatory Authority, LASERA, Special Adviser to the Lagos State governor on Housing, Mrs Toke Benson- Awoyinka said: “With the state of the country, we cannot really enforce monthly tenancy.
“We need to create an enabling environment for people to subscribe into it. Once people understand how it works, people would rather subscribe than pay their landlord.
“The state government spoke to quite a number of financial institutions in a bid to gather funding at a very minimal interest rate, the same way we do it in the mortgage board and Lagos home scheme but we find it difficult putting those big funds together.
“We have various components like the insurance, the financiers, we have the landlord, we have the tenants and then we have the legal.
“We have put five components together as a state government; midwife the policy we made it seamless and easily accessible by citizens of the state.
On her part, Nigeria’s leading real estate company, The Address Homes, representative, Mrs Olufunke Morunfoye who commended policy said: “It’s a good development for many people that cannot afford the humongous yearly payment.
“But our product is actually for all because we enable everybody that comes to us to have a home. With our flexible payment plan, lots of people that think they cannot afford a home in Ikoyi are doing so.
