The Federal Government has announced a uniform price for all the houses under the Renewed Housing Programme.
The government yesterday stated that the prices across the country now stand at N8.5 million for a one-bedroom semi-detached bungalow, N11.5 million for a two-bedroom semi-detached bungalow and N12.5 million for a three-bedroom semi-detached bungalow.
The adoption of uniform selling prices aimed at promoting affordability, transparency, and fairness.
Also, it will ensure that Nigerians across all regions have equal opportunities to benefit from the Renewed Hope Housing Programme.
Minister of Housing and Urban Development, Ahmed Dangiwa, said that priority in the allocation of the housing units will be given to low- and middle-income earners, civil servants at all levels of government, employees in the organised private sector with verifiable sources of income, and Nigerians in the Diaspora who wish to own homes in the country.
The Ministry further announced that the sale of the completed housing units across the northern and southern regions will soon commence and encouraged the public to be part of it.
On payment options, the Permanent Secretary, Dr. Shuaib Belgore, explained that several payment options have been provided to make the houses affordable and flexible. These include outright (full) payment, mortgage, rent-to-own scheme, and instalment payment plans. This according to him is to enhance affordability and ensure fairness for qualified Nigerians
Renewed Hope housing projects is a Federal Government housing initiative under President Bola Tinubu to provide affordable housing across the country. The programme includes large-scale “Renewed Hope Cities” in each geopolitical zone and “Renewed Hope Estates” in 30 states, with a total target of 34,500 units across the nation. Financing options like mortgages, rent-to-own, and public rental are available, and a new online portal has been launched to facilitate the process.
The nation’s current housing gap is estimated at 28 million units, with some experts suggesting the number could be as high as 50 million. This deficit is driven by factors like rapid urbanisation, a lack of affordable mortgage options, and high construction costs, making homeownership unattainable for many citizens.
Considering the gaps in the sector the Federal Ministry of Housing and Urban Development approved and announced uniform sale prices for housing units under its Renewed Hope Estate Programme across all states of the federation.
By Okwy Iroegbu-Chikezie @TheNation
