Lagos HOMS, a work in progress — Stakeholders

The Lagos Homes Ownership Mortgage Scheme (Lagos HOMS) which was established by the immediate past Lagos state governor, Babatunde Fashola in a bid to make good his campaign promise of delivering affordable homes to Lagosians having identified the absence of long term mortgage financing as the sole factor responsible for weak supply of housing in Lagos have put smiles on some faces.

The scheme which was established in 2010 and kicked off with its draws last year has till date produced over 400 winners who are at the moment homeowners out of over 1,000 applicants.
On if the Lagos HOMS project is sustainable, Barr Folorunso Gasper, a legal practitioner and property consultant says he has no doubt.

“Structures are always on ground and nobody can come and stop the Lagos HOMS project especially as we can all see that the project is good for the people.”
Barr Ezeaputa of Mandela Chambers shares the same optimism as he says the handwriting on the wall is crystal clear.

“What has been happening in Lagos since the time of Tinubu and perhaps before then is continuity. Where Tinubu stopped, Fashola continued and performed even better. Ambode will not only sustain the project but will surpass Fashola in his administration because it’s based on the same principle and attitude to government”
Mr. Niyi Tinubu, the Managing Director of Hudders Field property Agency says why not.
“It’s practically the same people just different faces and name. They are all from the same party so they I don’t see why the project won’t be sustained and apart from the fact the promised to do so”
Commending the efforts of the past governor in the industry, some Real Estate practitioners say there is still room for improvement.
In the words of Mrs. Stella Adegboyega of S.K Adegboyega wants the repayment period increased to accommodate tax payers at all income levels.

“Lagos HOMS project is fair enough and the step is worthy of emulation. Many people who pay tax and are interested in the homes but lack the funds to do so. 10 years is a short period of repayment, 30- 40 years is advised so people can pay with ease”, Stella said.

Mr. Sunny Ogeh, an Estate Agent says the HOMS has a big minus he wants governor Ambode to look into.
“ It more beneficial for low income earners like civil servants to afford the apartments at comfortable rates so Ambode should try to reduce the cost of those apartments but still he might not be the saviour to homes projects in Lagos”
As governor Akinwunmi Ambode settles down to work, real estate practitioners and those looking forward to investing in the property market anxiously hope that the governor will not only meet the growing needs in the industry but also exceed their expectations.