The principal aim of this paper is to investigate the stakeholders’ perception on the impact of the Lagos Metropolitan Development and Governance Project (LMDGP) on housing neighbourhood conditions in some selected areas in Lagos State, Nigeria. The specific objectives are; to assess stakeholders’ perceptions on the impact of LMDGP on the housing neighbourhood conditions in the study area, and also to appraise the stakeholders’ perception on the factors militating against effective implementation of urban regeneration projects in the study area. The study adopts a survey approach by purposively administering questionnaires to 137 stakeholders comprising government agents, residents, and property investors. The reliability of the questionnaire was determined at a Cronbach’s Alpha value of 0.886. Out of the total 137 questionnaires that were distributed, 107 were retrieved giving a response rate of 78.1%. The data collected were analysed using weighted average score, WAS, standard deviation and principal component analysis, PCA. Results based on the stakeholders’ perception show that the housing conditions most significantly impacted by the urban regeneration projects in the study areas are; decline in traffic congestion, ease of access, and adequate street lighting; while the overall quality of life was not significantly impacted. Economic, market research and analysis, bureaucracy, land acquisition, lack of public participation, risks/no maintenance plan, delays in project execution, and policy initiatives/tax are the factors limiting effective implementation of urban regeneration projects.