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Firm introduces real estate investment club

By Victor Gbonegun
17 September 2018   |   2:04 am
To bridge the housing shortfalls, Messrs Merrybells group has introduced a new investment platform that harnesses opportunities in home ownership schemes and provides house types on convenient payment structure.

To bridge the housing shortfalls, Messrs Merrybells group has introduced a new investment platform that harnesses opportunities in home ownership schemes and provides house types on convenient payment structure.
  
The scheme is designed to establish housing estates in consonance with Nigeria demography, disseminate public education on the ease of getting personal homes and offering buildable parcels of land at discounted rates to the public.
  
The initiative known as Petral Real Estate Investment Club (PETRIC) is structured into the members-partner, member-manager and member patrons in favour of the high, middle and low-income earners to demystify the persistent housing deficit in the country.
 
Speaking during the product launch in Lagos, the Group Managing Director of Merrybells group, Mr. Emmanuel Oyelowo explained that the idea is anchored on the philosophy of multilevel marketing system; however, the difference is that the ideology is built on tangible, real and concrete products like housing units and landed properties.
    
He posited that the platform harness people of like minds to collectively drive toward sustained prosperity in a secured system, enlist physically and online and provides free entry and exits by prospective individuals
Oyelowo, a member of Chartered Institute of Housing, United Kingdom said PETRIC offers the solution to worsening housing problem in cities where demographic distribution averages 15percent high-income earners, 25per cent middle income and 60 percent low-income earners.
  
He lamented that the provision of housing units by both public and private organisations are unfortunately 70 per cent, 20per cent and 10 per cent for the high, middle and low-income earners.According to him, the lopsided arrangement has contributed to unoccupied houses even in the face of acute deficit, especially in cities like Abuja. He added that the inherent social problems associated with housing deficits are fast turning the available houses to slums and incredulously slums into a dwelling.To solve the challenge of affordable housing in Nigeria, Oyelowo, who is a Real estate Development Association (REDAN) member, said government needs to review the processes of owning homes in the country especially as it relates to the issue of affordable mortgage.

  

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