REAL ESTATE NEWS

Developers Condemns Increment in Cost of Land Documentation

Affordable housing is being threatened as the cost of land documentation is expected to increase. Public outcry has continued to trail the proposed increment in the cost of preparing survey plans for land in Lagos State by the Lagos State chapter of the Nigerian Institution of Surveyors NIS.

While Real Estate Developers Association of Nigeria, REDAN, has threatened legal action over the proposed increment of about 300 per cent, the duo of Wisdom Ezekiel and Olorunseyi Sunday, both co-founders of Pertinence Real Estate Development Company, developers of ABC Gardens across Nigeria, have condemned the proposition, pointing out that if allowed to stay, landowners, as well as investors, will be paying as much as one million Naira for one plot of land no matter the location of the plot.

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The co-founders who are also executive directors of the real estate firm lamented that the aspirations of proposed homeowners in the country particularly low-income earners may not be realised, as the increment would have a multiplier effect on housing delivery.

The executive directors of the Lagos-based firm who spoke at the super promo launch organised by their company, weekend, to put smiles on the faces of some prospective homeowners through the promo, as six plots of lands were expected to be given out by raffle draw, said they foresee an increase in the cost of land which will translate to high cost of housing construction at the end of the day.

They explained further that the increment will have a ripple effect on the cost of land as other professionals in the built environment will also increase the cost of their own services, which will adversely affect affordable housing.

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The Lagos NIS had announced increment in land survey plan fees by over 300 per cent, starting from April. The fees cut across different zones of the state. For instance, Ikorodu, Epe, Badagry, Ojo and Ajeromi Ifelodun local government that is currently N120, 000 has been increased to N350, 000. While Lagos Island, Eti-Osa, Ikeja and Apapa, which presently charges N300, 000 now go for N1million. Somolu, Alimoso, Mushin, Agege, Ibeju Lekki, Kosofe, Lagos Mainland, Amuwo Odofin Local Government, formerly pegged at N180, 000 has been hiked to N650, 000.

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On the super promo launch, they contended that it was their own way of contributing to the society.

“This is our own little way of contributing to the society. This is our own way of appreciating our teeming customers for believing in us since we started the business about five years ago. We are giving out six plots of land in any of our estates and an all-expense-paid return ticket to Dubai to winners today. We are doing this to help people to become home owners. We have done this for about five times now,” the co-founders stated.

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Source: Vanguard

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