The building demolition authorised by the government in various states has exacerbated the country’s housing shortage, real estate stakeholders have stated.
In an exclusive interview with The PUNCH, the Chief Operating Officer of MGE Realty Limited, Richard Deniran, said the recent demolitions authorised by the government had worsened the pre-existing housing shortage, leading to the displacement of numerous families and the disruption of established communities.
He said, “The recent government-sanctioned demolitions have exacerbated the existing housing deficit by displacing numerous families and disrupting established communities. These demolitions not only contribute to the loss of already scarce housing units but also intensify the challenges faced by those in need of stable housing. The resulting displacement widens the deficit gap as affected individuals and families struggle to find alternative accommodation, creating a pressing need for new, quality housing solutions.
“Our latest project, Riviera Heights, aims to address this widening gap by providing a thoughtfully designed, upscale residential development that not only meets the demand for housing but also contributes to the rejuvenation and rebuilding of communities affected by these demolitions. By offering a blend of aesthetics, functionality, and prime location, Riviera Heights stands as a beacon of hope, bridging the housing deficit gap and fostering positive change in the wake of these government actions.”
He added that Riviera Heights boasted a synergy of aesthetics, functionality and a prime location within the heart of Lagos’ hospitality communities.
He said, “It is situated amidst the vibrant hub of beaches, cinemas, fine dining, and lounges, this exquisite development offers the ultimate urban lifestyle for residents and a compelling investment opportunity for those with a discerning eye for quality.”
Also, the Chief Executive Officer of MGE Realty Limited, Bolaji Adebajo, said increasing the housing stock was vital for addressing shortages and meeting growing demands.
He said, “This strategy stimulates economic growth, creates jobs, and improves affordability by offering diverse housing options. The resulting societal benefits include addressing homelessness and enhancing community development through improved infrastructure and public services. In summary, expanding the housing stock provides a multifaceted solution that contributes to economic, social, and community well-being.”
