The Housing Minister, Francis Asenso-Boakye has called on private developers within the housing sector to embrace the new government affordable housing programme and invest more to bridge the prevalent housing deficit.
The Ministry for Works and Housing has recently developed a new framework that commits it to reduce up to 40% of the construction cost through the provision of land, infrastructural services, tax incentives and exemptions in an effort to ensure that houses developed for sale to the public are not only safe, decent but very affordable to the citizenry.
With a majority of Ghanaians requiring some form of support to access housing, Mr Asenso-Boakye said this is the only way through which people can be cushioned against the high cost of acquiring a decent accommodation and positively affect the lives of the larger population.
Mr Asenso-Boakye made these known when he launched the Harmonia Residence, a private residential project by VAAL Real Estate in Accra.
As urbanization has made housing one of the major challenges in cities, the Minister for Works and Housing assured of the government’s preparedness to create the requisite enabling environment for the real estate sector to thrive.
He added that the Ministry has, since the passage of the Real Estate Agency Act, 2020 (Act 1047) by Parliament, taken steps to establish an entity that will regulate real estate agency practice, conduct of real estate practitioners, commercial transactions including the sale, purchase, rental, and leasing of properties.
“I have had the opportunity to inaugurate the Board of Directors with an Acting Chief Executive to implement and operationalize the provisions in the Act, which is expected to go a long way to plug the avenues in which real estate transactions are used to launder money including the prohibition of the use of cash for real estate transactions’’ Asenso-Boakye stated.
Mr Asenso-Boakye observed the increasing demand for the development of high-rise and compact properties, especially in the cities, in a bid to maximize the limited land space and the emergence of several lateral houses, which have been assessed to be unsustainable.
This, the Minister noted, has called for the need to consider the implications for shared ownership of common areas, adding that “the Ministry is committed to getting legislation on condominium properties in place to provide for the establishment, ownership and management of condominiums and unit titles among other things”.
The founder of the Vaal group, Majeed Saad, said VAAL comes with vast expertise in real estate development from Egypt, Turkey, Kenya, and the Middle East and hopes to establish strong footprints in the Ghanaian real estate market.
With a dream of becoming one of the biggest, trusted, and well-versed real estate developers in the country, Mr Saad believes the assurance by the government to create a congenial environment will be the ultimate pivot around which the VAAL ambition would be realized.
Latest Stories
-
Ameri plant relocation strategic for grid stability – Kwabena Donkor
1 hour -
CAF Confederation Cup: Dreams face Zamalek, RS Berkane take on holders, USM Algiers
4 hours -
PURC could have found a better approach to settle issues with ECG – Dr Manteaw
4 hours -
CAFCC: John Antwi sure of positive result against Zamalek
4 hours -
I’ll choose Osofo Kyiri Abosom as my running mate over Akua Donkor – Prophet Kumchacha
4 hours -
LPG prices surge in Ghana, raising concerns over tax impact
4 hours -
I commend PURC for taking courageous step to fine ECG board members – Kwame Pianim
5 hours -
Financing assurance secured from bilateral creditors to aid 2nd review funding for Ghana – IMF Africa head
5 hours -
Man who set himself on fire outside Trump’s Manhattan hush money trial dies
6 hours -
Fuel purchase issues have nothing to do with personal interest – Egypa Mercer
6 hours -
ISRQ2024: Theorose School wins Championship with 0.5 points, heads to Canada
6 hours -
Use your voice, talents, skills to advocate for positive change – UniMAC VC tells graduates
6 hours -
Livestream: Newsfile discusses ‘dumsor’, Ex-MASLOC CEO jail and Election 2024
6 hours -
Otumfuo STEM Festival launched to find problem-solvers, promote science education
6 hours -
Irene Logan ties the knot in colourful ceremony
6 hours