REDAN Executive: Abuja Estate ‘ll Help Cut Nigeria’s Housing Deficit
Sunday Okobi The Real Estate Developers Association of Nigeria (REDAN), Abuja Chapter, has reiterated its commitment to reducing Nigeria’s housing deficit through increased housing delivery and innovative financing options. The
The Real Estate Developers Association of Nigeria (REDAN), Abuja Chapter, remains resolute in its mission to reduce Nigeria's housing deficit through enhanced housing delivery and innovative financing options. During the groundbreaking ceremony for The Embassy, a 2,400-unit housing estate in Wasa District, Abuja, Dr Gbadewole Kayode, the Abuja Chapter Vice President and CEO of Crown Allied Global Realty, emphasized that the project is a significant step in addressing the country's housing shortage.
According to Kayode, Nigeria currently faces a housing deficit of 14.98 million units, and REDAN is dedicated to alleviating this issue, particularly in the Federal Capital Territory (FCT).
The Embassy project promises to deliver energy-efficient homes, contributing to the supply of housing units available to residents of the FCT. In an effort to make home ownership more accessible to low-income earners, REDAN has introduced flexible payment arrangements, allowing them to pay a portion of the cost upfront and spread the remaining balance over the next six months.
Moreover, the company is offering blocks of flats through mortgage arrangements in partnership with the Federal Mortgage Bank of Nigeria and other Primary Mortgage Institutions.
The development of The Embassy is expected to generate over 3,000 jobs, showcasing REDAN's commitment to stimulating economic growth. Kayode highlighted that the construction of a single duplex requires the services of more than 30 workers, signifying the substantial employment impact the project will have when applied to the 2,400 housing units.
Designed as a smart estate, The Embassy aims to cater to the evolving needs of residents and investors. With homebuyers increasingly seeking properties within a 15 to 20-minute commute to Abuja city centre and equipped with essential infrastructure, the estate will be powered entirely by solar energy. Additionally, it will feature a commercial district spanning about 20 hectares, which will include hotels and provide opportunities for investors to develop shopping malls and other businesses, generating income through rentals and leases.
The property's authenticity is assured through a Certificate of Occupancy issued by the Federal Capital Development Authority (FCDA).
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