The Akwa Ibom State government has reiterated its commitment to offset the housing deficit in the state by creating an enabling environment to support investors in the sector.
The Commissioner for Housing and Urban Renewal, Prince Enobong Uwah stated this at his office while playing host to Rock of Ages Properties Limited- a real estate and housing development company and subsidiary of Chicason Group.
Represented by the Permanent Secretary in the ministry, Prince Uwah noted that although the government was willing and ready to welcome investors in the sector, it was also interested in the quality of the houses and affordability to its work force.
The commissioner assured the group that if after a thorough scrutiny of their plan, structural designs and specifications as well as mortgage repayment plan, their proposal met the requisite standards, the government will be willing to provide land as well as supporting infrastructure at an agreed ratio for the proposed estate.
Mr Mark Obetta of the Rock of Ages Properties Limited who made the presentation of the operational modalities for the proposed housing estate and the mortgage finance system, said the house types included 2 bedroom semi-detached bungalows, 2 bedroom detached bungalows, 3 bedroom semi-detached bungalows, 3 bedroom detached bungalows, 4 bedroom semi-detached bungalows as well as 4 bedroom detached bungalows.
He said the scheme would follow the rules of the Federal Mortgage Bank of Nigeria and that buyers of houses costing below 10 million naira would be required to deposit 20% while 30% of the total cost will be the initial deposit for houses costing above 10 million naira. This he said would be done through the subscribers’ Primary Mortgage Institution while the Federal Mortgage Bank of Nigeria makes up the balance at a friendly interest rate of 6% per annum.
Mr Obetta however noted that to qualify to participate, all buyers of the houses must be subscribers to the Federal Housing Scheme to have access to mortgage financing.
At the proposed Rock City Estate, the houses are to cost between 5.5 million naira to 11.5 million naira, with the mortgage repayment plan spanning from 5 years to 20 years monthly instalments.