The president of the institute, Mr. Kunle Awobodu, who spoke at the Bells University of Technology, Ota, 9th college lecture organised by the College of Environmental Sciences, expressed dismay that despite the importance of housing to human, its production is faced with multifarious challenges, which affect supply and affordability.Some of these challenges, he said, needs introspection and appropriate actions by the authorities.
Others, he said are, the omo-onile syndrome, inadequately planned and/or inadequately implemented housing policies and substandard construction.According to him, the lack of primary infrastructure such as roads, water, electricity and others account for about 30 per cent of housing cost. Various ministries and states, he explained have different policies on housing for their employees. This non-synchronisation, Awobodu said gives rise to different objectives and incentives, which further hinder the implementation of these policies.
“Whether you’re thinking of investing in property financing or securing real estate loans for financing a personal home purchase, you will still have to deal with the familiar problem of insufficient capital sooner or later. It is pertinent to note that the government has realised this and is reviewing the entire process of accessing mortgages, so as to bring it within reach of beneficiaries.”
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