THERE IS NEED FOR CONCESSIONS IN REAL ESTATE SECTOR- ODUSOLU
The Special Adviser, Property and Investment, Ogun State, Babajide Odusolu has called for concessions for provisions of affordable homes like a reward system and tax credits.
Mr Odusolu said this while delivering a paper on knotty issues impacting supply side of housing in Nigeria at the 12th Abuja International Housing Show.
He also advocated for pioneer status for players in real estate sub-sector fiscal incentives, use of technology in construction, review of planning guidelines to encourage planned density enhancement and the provision of concessions on fiscal terms for affordable homes developers and critical supply items.
Others he recommended are a revisit of vocational training policies and procedures, and making mortgage repayments for first homes/primary homes below N15M, a tax-deductible expense.
Babajide Odusolu stressed the use of technology in construction like the use of form tech.
He said the advantages of Formwork Technology include “It is durable, re-useable, more efficient, increased quality, faster construction, reduced labour costs, over time; it is 25%-40% cheaper through time and cost savings.
Mr Odusolu who is also the Managing Director of the Ogun State Property and Investment Corporation (OPIC) identified the critical supply challenges as material sourcing, huge labour skills gap, infrastructural deficit/financing and constraining tax/fiscal policies.
Adeleke Samuel, Housing News
Follow Us on Social Media