Sterling Homes launches ‘Ojo Ola’ Housing Scheme for Low Income Earners

One of Nigeria’s leading real estate developers, Sterling Homes, has launched the first inclusive housing scheme named ‘Ojo Ola’, designed to make buildable lands accessible to low income earning Nigerians.

The Chief Executive Officer (CEO), Sterling Homes, Dr Kunle Adeyemi, disclosed this to newsmen in Lagos.

Adeyemi, also, General Secretary, Real Estate Developers Association of Nigeria (REDAN), South-West chapter, stated that the Ojo Ola housing scheme, meant a “better tomorrow housing Scheme”.

He said the scheme was designed for customers at the base of the pyramid of the housing need, who could not afford to own a decent home.

The developer listed the categories of people under the group as the petty traders, average salary earners, teachers, artisans and motorists, among others.

The realtor said that the locations of the affordable housing scheme were at Anuoluwapo layout scheme at Igbodu in Epe, Lagos, Kobape in Abeokuta and Orelope layout scheme at Alabata in Ibadan.

“We have other layout schemes underway at Ikorodu, Ifo, Badagry, Atan and Idi-iroko. We also plan to launch an initiative in Asaba, for the South-South region by November and cover other regions of the nation soon. The housing pyramid is like a triangle and at the apex of it, are the high income earners, at the middle of the triangle, are the middle income earners. At the base of the triangle, are the low income earners. The base of the pyramid is where we have majority of Nigerians, hence, Ojo Ola initiative was borne out of a compelling need to help these categories of people own a home,” he said.

According to him, the layout scheme is custom-made for the set of people, with free architectural design from Sterling and no developmental level or land grabbers issue.

He explained the subscribers were at liberty to build their prefered house design on the land, because it had no developer’s control and must not necessarily pick from the Home’s free architectural design.

“The free architectural design we are providing to our subscribers to select from the pool of available designs, would have cost them whooping N300,000, so they can save that to build their houses,” he said.

Adeyemi stated that statistics had revealed that Nigerians at the base of the pyramid of housing, were well over 75 per cent of the population.

He noted that more than 18 million out of the estimated 20 million housing deficit in Nigeria, were the low income earning Nigerians.

Adeyemi expressed worry that the middle income earners in the country were gradually closing up and as such, the country now had either the rich or poor classes of people.

The realtor noted that there was less attention to low income earners in the arrays of available housing schemes, hence, the future was not guaranteed for them to own a home.

“Many low income earners are eager to own a home, while they also have the right to, but do not have enough resources to acquire it. Over 60 per cent of Nigerians earn below N100,000 monthly, and except many of them engage in fraudulent activities, they may not be able to afford a home. To guide against such fraudulent activities within our system, arising from the desperation to own a home, led to the launch of the Ojo Ola housing scheme,” he said.

According to him, the scheme, in its magnanimity, does not compel the subscribers to build their houses within a specific period of purchasing a land, but at their own pace.

The developer stated that the two major targeted audiences for the scheme were the home seekers and the investors.
Adeyemi explained that the home seekers were people who desired to have a shelter as a basic need of life and to stop the harassment from landlords.

He said the payment plan for the home seekers was designed to accommodate a lowest entry cost, which could be paid in installments of N7,500 weekly or N30,000 monthly.

The realtor said the journey of the initiative’s home seeker’s plan began from owning a land, to becoming a landlord and after the sale services.

Adeyemi said the initiative’s investor’s plan was designed for those interested in investing in real estate, to sell the land when it appreciated more or to build houses for rent opportunity.

“This plan has a high resale value, because when the project appreciates in value, you can sell and have a good return on investment because of a sure capital appreciation and security,” he said.

According to him, the lands are located at places with huge potentials because of the ongoing development around the vicinity and as such are accessible to build.

Adeyemi urged Nigerians to embrace the initiative to secure a future, as real estate is the new oil of the nation, while pledging that Sterling Homes would deliver on its promises to its customers on the initiative.