A real estate firm, Hontar Projects has called on the government to create an enabling environment for developers and investors by ensuring easy access to building permits.
The Chief Executive Officer (CEO) Hontar Projects, Deji Fasunwon made this call at the commissioning Kingsize Place and Larry’s Place Estates in Lagos.
He lamented that the cost of obtaining such approval is alarming, which makes people cut corners.
“Doing this kind of business without an adequate enabling environment is challenging, we are in an environment where funding is so hard, some of us have to innovate and raise funds. If the government can make funding available, it will make things easy for the developer and people who are purchasing,” he said.
Fasunwon also lamented that the rising cost of building materials have brought challenges to the company. “Doing real projects in Nigeria has been challenging in recent times with incessant increase in cost of construction without commensurate returns for the private developers.
“When you have a project, you budget for it before you go halfway to the project, the prices have gone high by the time you are rounding up, you are practically at zero or at a loss,” he lamented.
Speaking on the commissioning of the estate projects, Fasunwon explained that the Kingsize place project consists of 32 units of four-bedroom townhouses and one unit of detached mansion. The town houses are on three floors each, with four bedrooms, all en-suite, comprising two living rooms and a separate maid’s room.
Some of the units with a basement are three bedrooms. The Larry’s place project comprises four units of five-bedroom duplex and two of four-bedroom penthouses.
