Firm Seeks FG Infrastructure Supports in Real Estate Sector To Break Even

Ugo Aliogo

The Chief Executive Officer, Lomel Homes, Tosin Fatukasi, has urged the federal government to support the real estate sector with necessary infrastructural facilities that would create an enabling environment for industry stakeholders to breakeven.

Speaking recently at the handing over of keys to investors of Gold Stripes Court developed by Lomel Homes Limited in Lagos, Fatukasi stated that one of the major issues affecting the industry is that there is no enabling environment in terms of support from the government with regards to infrastructure.

According to him, “As a real estate developer you have to go the extra mile to source funds to make sure things happen. For you to make an impact, you just have to be resilient in revenue sourcing, and project implementation. As a real estate developer, you are not expected to build roads, so the government needs to put infrastructures in place. As a private person you just have to do most of the heavy lifting based on your financing and the vision you have for the property or project. But if the government does some preliminary infrastructure works like roads etc, it will reduce cost and make us breakeven.”

He urged entrepreneurs, to understand the challenges facing the government and ongoing efforts at mitigating the risks in the real estate sector.

For him and his team, the handing over of keys to subscribers of Gold Stripes Court is a testament to the companies’ resilience to make an impact in the sector.

He maintained that it’s not an easy task for a startup to win the trust of people owing to the different experiences and testaments from other subscribers.

“The challenges in the country have not been favourable for us in the real estate sector but as a developer, you need to understand the way recent policies are going to mitigate the challenges. These are things we developers have to factor in during the planning stage. We provide the bulk of the infrastructure needed to deliver a 21st century home that is affordable, smart and befitting for Nigerians.”