Sterling Homes Launches Inclusive Housing Scheme for Low-Income Earners in Nigeria

Sterling Homes, a leading real estate developer in Nigeria, has launched an inclusive housing scheme named 'Ojo Ola' to provide affordable housing options for low-income earners in the country. The scheme aims to address the housing needs of those at the base of the pyramid, including petty traders, average salary earners, teachers, artisans, and motorists.

The Ojo Ola housing scheme, also known as the "better tomorrow housing scheme," offers buildable lands in strategic locations across Lagos, Abeokuta, and Ibadan. These locations include the Anuoluwapo layout scheme in Igbodu, Epe; the Irewolede layout scheme in Kobape, Abeokuta; and the Orelope layout scheme in Alabata, Ibadan. The initiative seeks to assist low-income earners in owning decent homes without the burden of exorbitant costs.

Sterling Homes aims to fill the gap in the housing market by targeting the majority of Nigerians who belong to the low-income earning group. With statistics revealing that over 75% of Nigerians fall under this category, the need for affordable housing solutions becomes evident. Additionally, out of the estimated 20 million housing deficit in Nigeria, more than 18 million are low-income earning Nigerians.

One of the major challenges faced by low-income earners in the quest for homeownership is the lack of affordable housing options. The Ojo Ola housing scheme intends to bridge this gap by providing a custom-made layout scheme that caters specifically to this segment of the population. Subscribers to the scheme receive a free architectural design from Sterling Homes, enabling them to save on potential design costs.

According to Dr Kunle Adeyemi, the CEO of Sterling Homes and General Secretary of the Real Estate Developers Association of Nigeria (REDAN), South-West chapter, the Ojo Ola housing scheme is a response to the compelling need for affordable housing for low-income earners. He stated, "Many low-income earners are eager to own a home but do not have enough resources to acquire it. To guide against fraudulent activities and ensure a fair process, we launched the Ojo Ola housing scheme."

One of the unique features of the Ojo Ola housing scheme is its flexibility. Unlike some housing initiatives that impose specific development timelines, subscribers to the scheme can build their houses at their own pace and according to their preferred design. This autonomy provides a sense of ownership and allows low-income earners to plan and save for their dream homes.

The Ojo Ola housing scheme targets two main audiences – home seekers and investors. Home seekers include individuals who desire to have a shelter as a basic need of life and want to put an end to the challenges of renting. The payment plan for home seekers is designed to accommodate the lowest entry cost, with options for weekly installments of N7,500 or monthly installments of N30,000.

On the other hand, investors are presented with an opportunity to invest in real estate by purchasing land and either selling it when it appreciates in value or building houses for rent. This investor's plan offers a high resale value due to the potential for capital appreciation and a secure investment.

With the Ojo Ola housing scheme, Sterling Homes aims to tap into the vast potential of the real estate market in Nigeria. The strategically located lands ensure accessibility and future development prospects. Dr Adeyemi encourages Nigerians to embrace this initiative, emphasizing that real estate is the new oil of the nation that can secure a better future for all.

Sterling Homes pledges to deliver on its promises to customers, providing quality housing solutions and assisting low-income earners in realizing their dream of owning a home.

Source of content: OOO News 2023-09-03 News

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