Company to build N2.9bn houses for doctors in Katsina

The Merit Homes and Properties Limited has signed a Memorandum of Understanding (MoU) with the Katsina State Indigenous Medical Doctors’ Forum for the construction of 280 housing units for the doctors in the state.

The construction of the N2.856 billion housing estate which is expected to commence soon is to be cited on 18-hectare of land located behind Batagarawa Local Government secretariat, which is about 800 meters away from Katsina-Dutsin-ma highway.

In an MoU letter signed by the Managing Director and Chief Executive Officer of the Company, Yakuku Fada and the Chairman of the Katsina Indigenous Medical Doctors’ Forum, Dr Mohammed Nazir Shehu, and issued to THISDAY, the project would be completed within 18 months.

According to the MoU, each subscriber (doctor) would pay a non-refundable sum of N25,000 as administrative charge and expression of interest fee to the company, while the sum of N42,500 would be deducted monthly from the salary of each doctor for the period of 20 years.

The MoU letter read: “Merit Homes to develop the housing estate by the construction of 280 housing units the specified building types as provided in the design on the 18 hectares piece of land acquired.

“The payment of N10,200,000 for each house spread over 20 years will be as follows; N10,200,000 divided by 20 years is N510,000 per year. N510,000 divided by 12 months is N42,500 per month. That means every month the sum of N42,500 will be deducted from each subscriber for a period of 20 years.

“For subscribers who have less than 20 years remaining in service, the N10,200,000 will be divided by the remaining years in service and then divided by 12 months to get their monthly deductions”.