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An indigenous but fast
rising real estate development firm, Ifitech and Associates Limited, has unveiled its plan to deliver
over 2,000 housing units in different parts of the country before the end of 2017.

This was disclosed in Lagos last week by the firm’s management in a
media parley held in Lagos.

Unfolding the agenda of the firm, Mr Ifeanyi Isaac, the Chief Executive Officer (CEO) of the firm, explained that the objective of Ifitech and Associates Limited from
its inception when it was established eight years ago and incorporated to start the business of developing and managing estates in Nigeria,
was to provide affordable and low-cost housing to ordinary Nigerians in the most convenient way.

"To achieve this objective, over the last eight years, we have dedicated ourselves to acquiring land in three states in Nigeria, namely Lagos, Enugu and Imo State.

"In Lagos, at Ibeju-lekki precisely, we currently
have six schemes, while in Imo State there are two schemes and in Enugu
we only have one scheme. All these schemes come under the name; Westpoint
Gardens and Solid Base Gardens Estate", he said, adding that their targets are prospective landlords in the lowest end of the property ladder or those that are considered to be low-income earners.

According to Isaac, prices of plots in the estates start from as low as N250,000, while the most expensive ones are those located in Ibeju-Lekki axis. This is within the periphery of the Dangote Refinery, Free Trade Zone and other upcoming landmark projects in Lagos State, and the price of plots in these estates range from between N1million and N2.5million, he stated.

Besides, he added that by ensuring the objectives of the firm is achieved, payment for plots in all the company’s estates have been structured to run over a period of six to twelve months. "Buyers
who pay out-rightly will be able to buy at cheaper prices, while those that want to spread payment over
twelve months will only have to pay a little higher
that those than can make full payment.

"Currently have a sizeable number of subscribers who have started to build their own houses and this is not added to the ones the firm is building.

"In addition, we are selling to those who may not want to go through the
rigours of starting from land ownership but want already built ones and we hope that by the end of 2017, we would have
been able to deliver a minimum of 2000 housing units and that by 2020 we would have been able to deliver over 10,
000 housing units.

"We are determined and we already have more than 200 personnel in various fields that are engaged in pushing this ambition. We understand the challenges in the economy but with the determination we will surely get there".

Despite building these estates to target low-income earners, Isaac explained that Ifitech
and Associates Limited will also ensure that residents of the
estates and property owners have access to functional infrastructure, citing example of how
all their estates is being provided with perimeter fencing, road networks, drainage systems, water, security, play areas for family and shopping centres.

"We are hoping to create estates that will function with a communal lifestyle, where people will live in peace and harmony irrespective of religion or ethnicity."

On the challenge of reducing Nigeria’s housing deficit, Isaac said the government should start to partner with competent real estate developers.

This, he said can be done through Private
Public Partnership (PPP) where governments at all levels would provide land to developers at reduced prices, make
documentation of title more relaxed and ensure that houses that are built come into the
property market at reduced prices.

He also advised the government to ensure that mortgage banks
provide long-term payment facilities for the developed houses and ensure that the interest rate is at single digit.

"Government should also give concessions in the areas of payments for land documentation and titles so that developers can be able to give bargain prices to ordinary Nigerians. These are things government can do and over the next twenty years the housing deficit in the country would have been reduced to the barest minimum", he explained.

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