‘Paucity of fund hindering real estate growth’

The Group Managing Director, Odibola Properties, Bolaji Oshobukoka, has identified a paucity of funds for housing projects as a major challenge confronting the real estate sector in the country.

Oshobukoka said this at the opening of Odibola House in Lagos. He said the government must look into the viability of the real estate sector and ensure operators have access to funds as it will not only reduce the housing deficit but create jobs.

He said despite the obstacle, the firm was committed to reducing the housing deficit by constructing low-income housing units.

He lauded Lagos State Government for creating the State’s Development and Property Company (LSPDC), which is to encourage developers and partner with them. This, he said, the firm would explore as part of initiatives in developing the state.

The GMD assured that it would also open up rural communities in the state for more development, adding that those who cannot afford the type of units been developed will have access to lands.

Oshobukola added that his company is currently working on a set of terrace apartment named ‘Crimpson Bay,’ in Abijo GRA, Lagos. “Part of the advantage of our presence in the state is an opportunity to invest with the firm and engage in instalment plans.

“If those who we are building for are not able to pay up, they can also access landed property and build houses of their choice according to their financial strength,” he said.

Speaking on the firm’s investment prospect in Lagos, he said, “we have been in River state for over a decade and we are doing great there but Lagos gives firms the opportunity to grow. So, we are going to reduce the housing gap by building more houses and we will utilise the experience of our partner to achieve this goal. We decided to expand our operation in Lagos to tap into the real estate growth and also to contribute our own quota.”

On the cost of building materials, he explained that the firm has put in place an internal mechanism in cost management, professionals, whose job is to ensure that cost is properly managed, high standard and quality is enforced.

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