FG Announces New Housing Prices: Cheapest Units Go for ₦8.5m Under Renewed Hope Scheme
- The Nigerian government has begun the sale of housing units nationwide
- The Ministry of Housing and Urban Development said the units comprise one, two, and three-bedroom semi-detached bungalows
- However, the sale exempted some housing projects under the Renewed Hope scheme in some cities
Pascal Oparada, a reporter for Legit.ng, has over ten years of experience covering technology, energy, stocks, investment, and the economy.
The Federal Ministry Ministry of Housing and Urban Development has announced a uniform sale of prices for housing units under the Renewed Hope Estate Programme nationwide.
According to a statement signed by the ministry’s director of press and public relations, Badamasi Haiba, the housing units comprise different types.
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Cheapest units sell for N8.5 million
The statement said the units include one, two, and three-bedroom semi-detached bungalows and are part of the ministry’s efforts to open access to home ownership for all Nigerians.
Haiba said the approved selling prices for the one-bedroom semi-detached bungalow is N8.5 million, two-bedroom semi-detached bungalow sells for N11.5 million, and three-bedroom semi-detached bungalow goes for N12.5 million.
He said:
“The adoption of uniform selling prices aims to promote affordability, transparency, and fairness, ensuring that Nigerians across all regions have equal opportunities to benefit from the Renewed Hope Housing Programme.”
Ahmed Dangiwa, the Minister of Housing and Urban Development said that the priority in the housing units’ allocation will be given to low and middle-income earners.
Who can benefit?
Other beneficiaries include civil servants at all levels, private sector employees with verifiable income sources, and Nigerians abroad wishing to own homes in Nigeria.
The Permanent Secretary in the ministry, Shuaib Belgore said that there are several payment options available which are also flexible.
He disclosed that interested buyers can make outright payment, mortgage rent-to-own scheme, and pay in installment.
“The Ministry further announced that the sale of the completed housing units across the northern and southern regions will soon commence.
“Applications can be made through the Renewed Hope Housing online portal at www.renewedhopehomes.fmhud.gov.ng or obtained from the Ministry’s headquarters and field offices nationwide.”
According to a Punch report, Haiba said that the approved prices apply strictly to the Renewed Hope Housing Estates funded via the ministry’s budgetary allocation.
There are exemptions
He said the allocation does not cover the Renewed Hope Cities in Karsana, Abuja, Janguza, Ibeju Lekki, Lagos, which are funded via the public private partnership.
Experts have hailed the government’s move, describing it as a massive boost for Nigerians who are burdened by high rent, high prices of building materials.
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They urge the government to ensure equitable sale and distribution of the units.
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Source: Legit.ng
