Cowries Alliance Nigeria Limited, a real estate construction company in Abuja, has concluded plans to construct 240 units comprising one to three bedrooms in each geopolitical zone of the country.
Managing Director of the company Malam Sanusi Muhammad Inuwa revealed the plans recently.
According to him, the project will provide employment opportunity to both skill and unskilled workers, as it will create 120,000 direct and indirect jobs to Nigerian professionals and artisanal including food vendors, etc.
He said land had already been provided for the project in all the six geo-political zones that the project was initially billed to commence.
He added that the land were provided in partnership between the developer, Cowries Alliance and other development companies who surrounded their land in partnership to the developer for the project.
“In turns, the developer is expected to pay 20 percent of the profit to be realized from the sales of the houses while the actual cost of the land will be paid by the developer to the partners who owns the land after the sales of the houses, ” Inuwa said.
He said the project will be one of its kind especially in the north where a tenant will assume the position of a landlord.
“All you need is to obtain the allocation letter through a consultant that is Primary Mortgage Bank (PMI), Imperial Mortgage Bank who will liaise with Federal Mortgage Bank of Nigeria on behalf of the developer and beneficiary to secure retail mortgage to the beneficiary allottee,” Inuwa said.
“The Imperial Mortgage Bank will also allocate the houses to the beneficiary and collect 10% of the cost of the house, where the mortgage bank will then prepare mortgage document that will be presented to FMBN on behalf of the beneficiary to enable the bank to secure 90% retail mortgage from FMBN for the beneficiary,” he added.
On the repayment plan, he said the applicant will be paying the normal rent for the house.
“The rent payment will carry the Mortgage payment. That the monthly rent payment will be used to offset the mortgage. Then the house will automatically be for the beneficiary,” he said.
Source: Daily Trust