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Developers urge govt to address rising building material costs | Prestige Real Estate News

Developers urge govt to address rising building material costs


Developers have called on the government to intervene in the skyrocketing costs of building materials in the country, to allow more Nigerians to become homeowners.

The Managing Director and Chief Executive Officer of Richland Property and Homes Limited, Dr Ifeanyi Nwachukwu, made the call during a recent media parley in Lagos.

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According to Nwachukwu, waivers on certain imported items and the removal of unnecessary taxes on building materials by the government would address the issue of the rising cost of building materials currently experienced in the country.

He said, “The real estate sector is not by any means insulated from the challenges thrown up by the rising cost of building materials and services as a result of the current economic situation in the country.

“We hope that the government will come up with interventions that would boost our efforts to continue helping more Nigerians become happy homeowners in line with our vision and mission”.

In the same vein, the Chief Executive Officer of Darryl Homes Nigeria Limited, Yusuf Odumade, urged the Federal Government to intervene in the rising costs of building materials to encourage the private sector to bridge the country’s housing deficits.

He said, “Many developers have halted their projects in the hopes of a rapid decrease in material prices. Prices have surged, with some materials seeing nearly a 100 per cent increase. For instance, the cost of a tonne of iron TMT jumped from N490 in November/December 2023 to N1,400 in the Lekki corridor. Cement prices have also soared, reaching as high as N13,000 per bag or more in some areas.


“Market dynamics have become erratic, with fluctuating prices throughout the day and even from one day to the next. Urgent government intervention is needed to address this crisis and stabilise the economy, realising the aspirations of a better Nigeria for all.”

Meanwhile, Nwachukwu emphasised the importance of prospective investors engaging in land banking to support future homeowners in various estates nationwide, thereby enhancing the return on their investments.

He said, “Invest in land banking in any of our estates and get a great return on your investment from 20 per cent (for 12 months) to 65 per cent (for 24 months). What this means is that when you invest in a certain square meter of land in any of our estates and hold it for a certain period, between 12 to 24 months, we repurchase it from you and pay you both the capital and interest.

“Through our diverse networks in the industry, we help Nigerians to discover affordable properties in fast-developing areas across the country, and equally help them to obtain them. Since we commenced operations, our esteemed clients can testify that every property purchased from us is 100 per cent safe.

According to Nwachukwu, Richland Property and Homes creates wealth by empowering enterprising individuals, especially, young people, whom it helps to earn passive income through real estate.

“In keeping with our guiding vision, our clients do not need to be moneybags to acquire any of our properties. We have a very client-friendly payment arrangement whereby people can pay in instalments that are very affordable to many Nigerians. We must hasten to add that all our titles are government-approved, ranging from registered surveys, gazette, C of O, and Governor’s Consent, among others.”


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