A firm of developers, Jingle Bells Corporate Services Ltd., has called on the government to provide more support and tax incentives for developers to boost affordable housing delivery and reduce rising house rents across the country.
Dr Peter Orobor, Managing Director and Chief Executive Officer, made the call in Abuja at an event in honour of the company’s clients for the year.
According to Orobor, private developers are playing a critical role in bridging the housing gap by creating flexible ownership models that allow Nigerians to own land and build homes at their own pace.
He said several challenges confronting real estate developers in Nigeria included: high cost of land, limited access to funding, multiple taxation, court-related disputes, and cumbersome approval processes involving numerous regulatory agencies.
According to him, in many parts of the world, governments play an active role in housing development by partnering with private developers, providing land at little or no cost, and offering access to low-interest financing.
“Governments in other parts of the world invest a lot in the housing sector, ensuring that they partner with real estate developers to build affordable housing
“This is by way of giving lands free, while the developers build on it or give them loans that have very little interest rate so that they could sell at affordable rate to the citizens.
“But here in Nigeria, we don’t have that often coming; and then those that often come are politicised.It is for a few. So, the estate developer has to source for lands and use it to develop these houses and sell to low income earners.”
Orobor said that another challenge was double taxation, adding that developers were faced with all manner of taxes from all manner of agencies.
He said getting approvals, cost of lands and funding were other challenges affecting developers.
He, therefore, said that with the right policies in place, developers would be better positioned to deliver affordable, accessible, and sustainable housing, while easing the pressure of high rent on Nigerians.
In spite of these hurdles, Orobor noted that the Federal Capital Territory Administration (FCTA) has made progress in addressing land grabbing, double taxation and overlapping approvals, adding that estate developers remain partners in progress in the development of Abuja.
Orobor encouraged both existing and prospective clients to see real estate as a long-term and secure investment, stressing that early investment yields significant appreciation over time.
According to him, Jingle Bells adopts a structure that enables clients to purchase land within estates and develop gradually, a model that has helped many people achieve home ownership they never imagined possible.
He disclosed that the company offers land at varying prices, starting from as low as N500,000 to N3 million, in order to accommodate different income categories.
“We ensure that all classes of income earners are captured in our housing plan,” he added.
The Chairman of the occasion, Dr Fidelix Okparaoha, noted that improved infrastructure would reduce housing pressure in city centres and make home ownership more accessible to low-income earners.
Okparaoha further advocated stronger use of mortgage systems, including the Federal Mortgage Bank framework, to enable workers and private individuals access long-term repayment plans tied to their income.
He described Jingle Bells leadership as credible and trustworthy, saying that “From documentation to delivery, integrity is key. I can confidently advise the public to invest with this company,” he said.
Also speaking, Abdullahi Indah, the General Manager of Jingle Bells Corporate Services Ltd., explained that the company was introducing an “Adashi contribution” housing model .
This, Indah said, was to help low-income earners own homes through daily, weekly or monthly savings, depending on their earning capacity.
“Our goal is to make everyone a landlord of themselves. People should not wait for government alone; with discipline and the right platform, they can secure their future,” Indah said.
Addressing public concerns about trust in the real estate sector, Indah assured clients of transparency and security in all transactions, noting that payments are bank-backed and properly documented.
The highlight of the event was the presentation of awards to clients for their outstanding support.
Among the awardees was Mrs. Julian Adetinuyo, Managing Director and Founder of News Scope Africa, who received the award for the most outstanding media coordinator.
By Angela Atabo