Rural Homes sets new date for Karmo Market handover

Investors and subscribers to the New Karmo District Ultra-modern market in Abuja on Saturday expressed satisfaction with the level of work done at the site which hosts 2,500 shops and warehouses of different shapes and sizes.

They therefore, commended the management of Rural Homes Limited for the commitment and steadfastness on the project and urged them to ensure that the project is completed and handed over on time.

The commendations were made during an event organised by the management of Rural Homes Limited, developers of the market to show investors and subscribers the level of work done and set a new date for the completion and handover of shops and warehouses to owners.

Speaking at the event, the Chairman of Rural Homes, Aliyu Dangogo said the project was started in January 2016 under the Public Private Partnership (PPP) with the Abuja Investment Company Limited (AIC) on 10 hectares of land.

The shops and warehouses, he said are to accommodate various shades of businesses including food, beverages, textile, electrical and electronics and building materials, among others.

He apologised to investors and subscribers for not been able to meet the initial deadline for completion and delivery which is December 2019, saying the delay was sue to several factors, especially the harsh economic condition affecting Nigeria for some times now.

Dangogo also blamed the delay on the policy of banks in the country which do not favour estate development, saying that Nigerian banks are only interested in investing in oil and gas sector where they expect to make quick turnover, warning however, that no country can develop if the real sector is neglected as is the case in the country.

“We planned this project and to raise funds from three factors, equity, subscribers and loans. Today in Nigeria, only two or three banks are ready to listen to you when it comes to real estate sector. They are only interested in the oil and gas sector where they expect immediate returns on their money.

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“When it comes to real estate, they won’t even listen to you, except two or three banks and even when those ones want to give you loan, they give you far less than what you asked for and say you should go so that they will see how you would perform.

“No country can develop with such policies because loan to the real estate sector has multiplier effects on the economy more than the other sectors.

“We have 2,500 shops and warehouses here which mean that 2,500 families are direct stakeholders from this market alone then add to the many that would depend on buying and selling here for many years to come,” the chairman said.

He however told them that in spite of the challenges, himself and his management team are committed to making the project a reality and announced May 2020 as the new date for completion and handover of the market.