Prompter of real growth in real estate

THE buzz and joy that came with the creation of new Anambra State on 27 August, 1991 knew no bounds. Citizens and residents had envisaged greater opportunities that the newly created state would bring as government have come nearer to home. What many, including state actors/administrators failed to foretell was the problems usually associated with glaring opportunities. In this context, the influx of civil servants, businessmen, contractors, politicians and the elevation of Anambra State University of Technology (later renamed Nnamdi Azikiwe University) to a federal university caused population explosion within the new state capital, Awka and her environs, coupled with the ever growing population and urbanisation of Onitsha and Nnewi commercial cities.

  With limited housing units amid enormous demands, the results were disruption in house rent, spike in food prices and increase in crime rate. State-owned housing schemes such as Udoka Housing Estate, Real Estate, AHOCOL Estates, Iyiagu Estate, Ngozika Housing Estate and the Federal Housing Estate, Onitsha, did little in alleviation of the social problems. Over time, it became excruciating as public servants and other low-income earners in the state struggled to meet humongous demands of landlords and owners.

  On assuming office on March 17, 2014, Dr. Willie Obiano had insight of the problems encountered by the citizens of the state. On the other hand, he understood the glaring opportunities in real estate. Obiano understood that the potentials of real estate development within the state would remain untapped if certain conditions and reformations are not met. In his administrative ingenuity, he painstakingly saw to the establishment and improvement on the key drivers of real estate. These include security, stable government policies, transparent bureaucracy and elimination of bureaucratic backlogs and state investment in massive legacy projects like the Anambra International Passenger and Cargo Airport, Umueri.

  Having established a stable polity, Obiano’s administration wooed private entities and individuals to come to the state and invest. This growing confidence in the state policies led to a surge and influx of investors. While some of these real estate investments are on a public-private partnership (PPP), most are private businesses. Across the state, housing units are springing up, including areas that were used to be described as hinterland. Some of these housing units include: Luxury Place, Nkwelle Ezunaka, developed by Rotech Energy Services, Awka Millennium City, developed by M-P Infrastructure, Dubai Estate-GSS Group, City of David Estates, Heritage Estates, Hill View Estates, Nkwelle Ezunaka. These projects have not only succeeded in making residents in the state home/land owners while crashing house rents to the barest minimum, it has equally created employment opportunities and checkmated housing deficiencies across board.