REDAN receives World Bank team, parleys on housing mortgage

The two parties discussed at length on issues bothering on how to improve the processes and products delivery in the housing sector.The meeting also focused on the need to build durable houses, maintaining   global best practices and ensuring credibility amongst indigenous developers.Speaking, Rev Chime informed the visiting World Bank officials that the association will work […]

The two parties discussed at length on issues bothering on how to improve the processes and products delivery in the housing sector.
The meeting also focused on the need to build durable houses, maintaining   global best practices and ensuring credibility amongst indigenous developers.
Speaking, Rev Chime informed the visiting World Bank officials that the association will work with the relevant stakeholders as well as embrace the National Building Code to improve competencies of developers.
The REDAN president said “The World Bank Guarantee Fund Scheme for Developers and the resolve of the association to partner with the in-coming administration of General Muhammadu Buhari which proposes to build one million housing units annually was discussed. The need to comprehensively address the Bills on Housing related laws with the National Assembly especially the foreclosure law, were noted as essential ingredients to create the enabling environment for housing and real estate business in Nigeria. The association will work closely with the in-coming executive and legislative as well as other arms of government to create the critical mass of impetus needed by the housing sector.”
The World Bank, according to Mr.  Micheal Wong will continue to collaborate with REDAN to deepen and enhance residential housing delivery processes in Nigeria.
He said, “In coordination with the efforts of like-minded organisations like GEMS (DFID)/Project Implementation Unit of the World Banks, we will come up with workable manuals and documents that will aggregate the essentials for practitioners in the housing delivery chain.”
The two parties also discussed on the need for construction finance to improve mass and affordable housing development in Nigeria.
This, the two parties, noted is critical to addressing the housing deficit of over 17 million units with affordability and durability in focus.