Amid rising property prices and growing concerns over access to affordable accommodation, the Oyo State Housing Corporation has unveiled plans to develop lower-cost housing units aimed at making home ownership more accessible to residents, particularly low and middle income earners.
The groundbreaking ceremony for the prototype project was performed on Friday, by the Chairman of the Oyo State Housing Corporation, Hon. Ademola Omotoso at Owode Estate phase two, alongside other principal officers and management staff of the Corporation.
Speaking at the ceremony, Omotoso explained that the initiative followed concerns over the rising cost of housing, which had made home ownership difficult for ordinary workers and other residents.
He disclosed that some of the Corporation’s previous housing projects, including those developed through partnerships with private developers, had properties costing between ₦40 million and ₦60 million, putting them beyond the reach of many prospective homeowners.
“Some of our previous housing projects were in the range of ₦40 million to ₦60 million. We realised that ordinary workers could not afford them, and that made us rethink our approach to housing delivery,” he said.
According to him, the situation prompted the Corporation to reconsider its housing delivery strategy and develop units that would be more affordable to the average resident.
Omotoso disclosed that the prototype project would feature one bedroom and two bedroom semi-detached housing units, with preliminary estimates putting the cost of a one bedroom unit at about ₦9 million and a two bedroom unit at approximately ₦14 million.
“The preliminary estimate for a one bedroom semi-detached unit is about ₦9 million, while the two bedroom unit is about ₦14 million. These are not final figures; we will determine the actual cost after completing the prototype,” he said.
He stressed that the estimated prices were subject to review, explaining that the actual costs would be determined after the completion of the prototype and a proper assessment of construction expenses.
The Chairman said the Corporation had assigned the project to its in-house Works Department, comprising professionals such as engineers, builders and quantity surveyors, to help control costs and ensure that the houses remained affordable without compromising construction standards.
He explained that using the Corporation’s internal professionals would enable it to monitor construction expenses more closely and identify ways to reduce costs.
Omotoso also disclosed that the Corporation was considering expanding the initiative to other locations across the state, including Owode and Ajoda, where 26 housing units are planned for each location, as well as Oyo and Ogbomoso, where 10 units are proposed for each town.
According to him, the proposed expansion would depend on the response to the prototype project and the level of demand from prospective homeowners. He expressed optimism that, if the response was encouraging, the Corporation could begin delivering additional units within three to five months.
He added that the Corporation could consider working with investors and dividing the projects into different contract lots to accelerate construction and increase the number of affordable homes delivered across the state.
On the infrastructure to be provided, Omotoso said the proposed housing estates would include basic facilities such as perimeter fencing, a gatehouse and access roads. He added that the semi-detached design would allow occupants to make further improvements to their homes where space and the approved layout permit.
To ensure that the initiative benefits its intended beneficiaries, the Chairman said the Corporation was considering measures to prevent wealthy individuals and property investors from buying up multiple units.
“We do not want people to come and buy several units simply because they have the money. We are looking at a system where applicants will complete forms and undergo verification, with a proposed limit of one unit per person,” he said.
He explained that the proposed application and verification process would help the Corporation identify eligible buyers and improve access for residents who genuinely needed affordable homes.
The Chairman also disclosed that the Corporation’s team visited Boulevard City, an estate being developed by Rammy International Limited, as part of its engagement with private sector developers involved in housing construction and site and services development.
Omotoso expressed appreciation to Governor Seyi Makinde for the opportunity to serve on the board of the Corporation, saying the initiative reflected the administration’s commitment to addressing the housing needs of residents.
He reiterated that the Corporation was committed to exploring practical ways to reduce the cost of home ownership and expand access to decent housing across Oyo State.
