Housing: Valuer Tasks RSG On Execution

The Rivers State Govern
ment (RSG) has  been called upon to evolve a yearly housing policy which can deliver at least 500 housing units annually to cushion  the effect of high cost of houses in Port Harcourt.
A Port Harcourt-based estate surveyor and valuer, Mr. Benjamin Oti  in an interview with The Tide in his office in Port Harcourt.
Oti said that the issue of housing in the state could be tackled by government if a specific number of housing units is targeted and delivered every  year to meet the need of workers and other residents of the city.
Mr. Oti who is a member of the Nigerian Institution of Estate Surveyors and Valuers (NIESU), Rivers State branch noted that it would take just  the political will of government in power for a State like Rivers to execute between 200 and 500 housing units annually.
He posited that if individuals could not  fund, build and manage housing estates, that governments can do it, pointing out that properties are developed by government in foreign countries, which made for developed and planned cities.
The estate professional however,  harped on  the fact that funding of housing in the form of mortgage is very vital  in housing development, and pointed out that was for such purpose  that government had to take a centre stage in the mortgage facility, adding that individual would want to have quick return on their investment.
According to him, mortgage facility takes a longer period  of time to recoup,  adding that individuals would not want to tie their money for such  long time on mortgage.
On the idea of professional, trade unions, and workers in certain organisation pooling their resources together to develop housing estate, the estate  surveyor said that such is a welcome  development as access  to funds remains the major  challenge in the sector.
He said that to implement  such  prorgramme  would mean  that loan facility will have to be obtained from the bank, to facilitate  the project, adding that contributions from workers salary  would take a very long time to execute such projects.

Corlins Walter