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In a nation grappling with housing deficits and economic challenges, individuals like Muhydeen Okunlola Kayode, popularly known as MOK, are making a significant impact in the real estate sector. As the Principal Partner of Luxiar Construction Limited, MOK’s journey from humble beginnings to a thriving real estate venture is an inspiring tale of entrepreneurship, dedication, and a commitment to bridging the housing gap in Nigeria.
With over 2000 housing units already delivered and ambitious plans to provide shelter for 5000 people by 2025, MOK’s story is one of resilience and unwavering determination in the face of numerous challenges.
In this article, we delve into MOK’s experiences as a quantity surveyor, his vision for Luxiar Construction Limited, the unique qualities that set the company apart, and the challenges and solutions within the real estate sector in Nigeria.
Why did you venture into entrepreneurship, what are the challenges you faced and how were you able to overcome these challenges?
I ventured into entrepreneurship to create value, solve problems, and contribute to the development of my community. Some of the challenges I faced include funding constraints, regulatory hurdles, market uncertainties, and talent management. However, I was able to overcome these challenges by seeking knowledge, building a strong team, leveraging technology, and staying focused on my goals. Overcoming them involved strategic planning, securing investments, and continuous learning.
Why is there a housing deficit in Nigeria and how can it be solved?
The housing deficit in Nigeria is mainly due to population growth, urbanization, inadequate government policies, inadequate financing options, and poor infrastructure. To solve this deficit, there is a need for significant investment in affordable housing, land reform, transparency in property ownership, and the provision of basic amenities like water and electricity.
Housing deficits stem from population growth, urbanization, and inadequate infrastructure. Solutions include public-private partnerships, affordable housing schemes, and infrastructure development to accommodate the growing population.
How have you been able to deliver over 2000 housing units to people in Abuja?
Through the Luxiar Construction Limited, we have been able to deliver over 2000 housing units to people in Abuja by employing innovative construction methods that reduce costs, working with trusted partners, and prioritizing the needs of our clients.
Delivering over 2000 housing units requires meticulous planning, collaboration with skilled professionals, and access to funding. We have leveraged partnerships, effective project management, and financial resources to achieve this milestone.
Why do you mediate in the resolution of land disputes between land owners and indigenes in Abuja?
I mediate in the resolution of land disputes between land owners and indigenes in Abuja to promote peaceful coexistence between the parties involved. This helps to avoid prolonged litigations that could lead to violence and loss of lives and properties.
Mediation in land disputes is crucial to promote peaceful coexistence and ensure fair property rights. By facilitating such mediations, we aim to contribute to a harmonious community and resolve conflicts amicably.
What are the challenges faced by house developers in Abuja and other parts of the country?
House developers in Abuja and other parts of the country face several challenges including high cost of land, inadequate infrastructure, limited access to finance, bureaucratic bottlenecks, and insecurity. These challenges often lead to delays, increased costs, and low profitability.
House developers often face challenges such as regulatory hurdles, high construction costs, land acquisition issues, and infrastructure deficits. Addressing these challenges requires adaptability and innovative solutions.
How do you hope to build shelter for 5000 people in 2025?
To fulfill our commitment of providing shelter for 5000 people in 2025 through Luxiar Construction Limited, we intend to enhance our investment in real estate development, forge strategic partnerships with relevant stakeholders, harness technology for efficiency, and explore diverse financing avenues.
However, it’s important to address the rising costs of construction materials, which can pose challenges for those with lower incomes. We are dedicated to making quality and affordable housing accessible, recognizing the difficulties faced by individuals with modest salaries in obtaining decent accommodation. Our focus is on finding innovative solutions and optimizing cost-effective building methods to ensure affordability for a wider range of people.
The cost of building materials is getting expensive every day, do you think people with low income salaries can afford decent accommodation?
The cost of building materials is a major concern for people with low income salaries who may not be able to afford decent accommodation. However, by employing innovative construction methods, investing in local materials, and partnering with suppliers, it is possible to reduce the cost of building without compromising quality.
Rising material costs pose a challenge. However, cost-effective building methods, government incentives, and innovative financing models can make housing more affordable for those with lower incomes.
What led you to set up your foundation, MOK, and what are some of your achievements within a short period of existence?
The MOK Foundation was created with the goal of giving back to the community, particularly by empowering women and youth, promoting education, and enhancing healthcare access. In a relatively short time, we’ve achieved various milestones, including providing scholarships, partnering with healthcare centers, installing solar-powered street lights and safeguarding transformers from cable vandalism, supporting local security through essential materials for vigilante groups, boosting agriculture with the procurement of two tractors and the distribution of farming inputs, as well as promoting entrepreneurship among women, among other accomplishments.
In a competitive real estate market, how do you identify properties that align with a client’s needs and preferences?
To identify properties that align with a client’s needs and preferences, we conduct a thorough needs assessment, gather data on the client’s budget, location preferences, lifestyle, and future aspirations. We also leverage technology, market expertise, and industry connections to provide our clients with the best options available.
Understanding clients’ needs and preferences is key. We conduct thorough consultations, assess budgets, and employ market research to match clients with suitable properties.
How have you tackled the problem of trust and funding required to run a real estate company in Nigeria?
Well, there are several ways we have tackled the problem of trust and funding required to run a real estate company in Nigeria. For one, we have established trust with our clients by always being transparent about our business practices and delivering on our promises. Additionally, we have built strong relationships with banks and financial institutions in order to secure the necessary funding for our operations. It’s been a combination of hard work, honesty, and good management that has enabled us to overcome these challenges and build a successful business here in Nigeria.
Building trust involves transparency and delivering on promises. Securing funding often involves collaborations with financial institutions and investors who share our vision for real estate development in Nigeria.
