President Dr. Irfaan Ali says there are about 57,000 applications for house lots locally and as the government seeks to cut down that figure and give lots and housing units to thousands of people, a massive $170 billion is needed.
The President made the revelation at the opening ceremony of the 2023 International Building Expo at the National Stadium, Providence, East Bank Demerara (EBD).
During his frank address, the Head of State assured Guyanese that his government will invest the necessary resources to help more people acquire their own homes.
But he did not fail to elaborate on the size of the undertaking and the investment it requires.
According to him, the government has a plan to develop new house lots and housing units in regions across the country. For example, 14,000 new lots will be developed in Region Three and another 20,000 will be developed in Region Four.
Hinterland regions will see new housing developments too. According to the President, Region One will see 250 new house lots developed, Region Seven, 1,000 lots and Region Nine, 1,000.
With these developments and more, the President said a total of 43,000 house lots can be developed and this is expected to significantly address the 57,000 pending applicants.
And Dr. Ali said that undertaking will cost about $170 billion.
He emphasised, “That’s just for the development of the house lots.”
Another $400 billion would be needed to develop about 200 kilometres of roadways needed for access to the new housing areas being developed in the immediate to medium term.
“The scale of what we are talking about is enormous,” President Ali said.
Beyond satisfying residential needs, the Head of State also noted that there exists a great demand for land to be used for commercial and industrial purposes.
“The reality is that we don’t have enough land available in the system now to service the demand for commercial and industrial lots,” he, however, said.
So the Head of State urged citizens and investors alike to be patient with the government as it develops new areas. He also called on the private sector to assess the opportunities that will be available with the new housing development.
Meanwhile, Housing Minister Collin Croal said about 24,000 house lots have been developed in the three years the Irfaan Ali- led administration has been in office. At the just opened building expo, another 2,000 house lots will be distributed.