In a renewed effort to provide affordable and sustainable housing solutions in Nigeria, Novarick Homes & Properties Limited has launched Greenvest, an investment initiative aimed at providing easy finance for the construction of real estate projects across the country.
The new investment platform is one of the many initiatives taken by the real estate development company to tackle the housing crisis in the economy by exploring opportunities that will drive innovation by offering a lasting solution to real estate financing in Nigeria and fast-tracking homeownership dreams for the people through Greenvest.
In a statement to the Press, Noah Ibrahim, CEO, Novarick Homes stated that the initiative aims to bring transparency and inclusion into real estate investment and more importantly make property investing available and accessible to the younger population by lowering the costs of entry to real estate investment while channeling their investment funds in the construction housing projects and completion of estate developments.
“Nigeria is considered as one of the most promising markets with huge opportunities yet the housing deficit in the country stands at 22 million units. Affordability continues to be a major limiting factor to homeownership at the bottom of the income pyramid in Nigeria. The COVID-19 pandemic also played a dreadful part as it has significantly affected the supply of housing as the construction sector was not considered an essential one during the lockdown period,” he said.
“When we launched Greenvest, we set out with the goal of creating wealth and generating opportunities for young people by reducing the biggest barrier to property investment, which is acquisition cost, and creating the opportunity for them to invest and earn good returns from property investments, however, Greenvest is currently addressing a lot more than this as it has provided an alternate access to the necessary funds required to construct and complete multiple projects, thereby partly addressing the supply gap,” Noah explained.
The primary challenge for property developers has always been accessed to finance to build and deliver housing projects and many are restricted to either building with their limited funds and hoping to sell off fast enough to start the next project, or opting of off-plan sales where they sell units and use the realized funds to construct the property, both methods might be effective but are an extremely slow and inefficient way to address the current deficit we are faced with.
Greenvest has created an alternate means to raise funds to construct while also providing adequate returns to investors that fund these projects. He stated. “We believe in interrogating the challenges at every point in the housing value-chain and providing credible answers and solutions to meet the needs of our customers.
“Greenvest will foster collaboration in the real estate industry by supporting the local manufacturing and building materials industry to stimulate housing delivery and job opportunities for local artisans and built environment professionals,” Ibrahim further stated.
Explaining more on the initiative, Kabir Ajisafe, the Brand and Communications Manager explained that through Greenvest, investors can now invest in both housing constructions and the estate development process to earn annual returns.
“Greenvest investment has investment options for both land and residential properties for individuals. It allows as low as N100,000 investment per investor and will be channeled to the construction of the company’s multiple developments from central Lekki down to suburban Epe.
All investment classes span cycles of 6 to 24 months with returns ranging from 10 to 60% depending on the choice of the investor. This initiative is an offshoot of the company’s commitment to making real estate investment readily accessible and affordable to all,” Ajisafe stated.
Novarick Homes has developed several residential properties in the Lekki and Epe districts of Lagos, Nigeria. The company prides itself on championing the revolution to make real estate affordable and accessible to all by leveraging green technology to optimize the building process to reduce construction cost and building waste and delivery time.
source: independent.ng
