A Nigerian based start-up, Landhouse has said that it planning to remove the funding bridge in acquiring landed property in Nigeria.
Landhouse recently launched a construction funding platform that allows for the crowdfunding of property development, which allows users to build their own houses and take stakes in other properties.
In a statement released by the start-up, “Landhouse helps you to own an affordable, beautifully crafted, and unique apartment home, and allows you pay on milestone-basis over the construction period. We help reduce your cost of owning a home, help you live close to work and avoid long commute, reduce the stress of getting permits and building, so you can own your dream home and stop paying rents.”
The start-up which was founded last month by Nwosu Friday after he closed his Agri-tech start-up Yesharvest will use the construction funding platform to allow Nigerians to crowd-invest in new developments, and then pay over time.
On how this will work, the start-up founder, Nwosu Friday said the platform will, through joint venture with landowners, equally distribute both the land and construction costs among the apartment owners in the building, and let them pay on a milestone basis over the construction period.
“It’s like carpooling, but for home ownership. It reduces each person’s cost of owning a home, reduces the stress of getting permits and building, reduces commute time, and maximises available land space,” he added.
In its plans to solve the affordable housing deficit in Nigeria, the start-up has already started admitting subscribers for the first construction of its Lekki Phase 1 location, which it said will begin in December of this year.
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