Category: Property

As a player in this industry for upward of 10 years, I’m quite aware that this day will come moreso given my training in risk management. I am sure that there will be a day like this where governments will tie up the loose end in real estate industry and provide a benchmark of what is obtainable in the developed world as a basis for real estate operation in Lagos State.

The general Outlook of this new regulation has three basic angles the law seeks to address and the angles provide both regulatory and legal framework for the real estate industry and operators in Lagos State which happen to be the highest source of resources and revenue inflow for Lagos State government.

The regulation also seeks to protect from continuous cases of fake real estate transaction promoted by fraudsters in Lagos State and at the same time provide avenues for complete transaction capturing as a basis to enhance government revenue and the collection of both vat and capital gain tax.

Over the years Lagos State government have continuously and consistently received complaints from dubious real estate operators over failed real estate transactions.

There are a lot of real estate transactions in Lagos not captured by the government. The basis for capturing real estate transactions is true registration of documents of which most people just buy property and never refuse registering the documents and as a government that wants to increase its revenue base.

As it is, no one can reasonably determine what the transaction cost of a real estate transaction could be. But this law have provided a regulatory framework an idea of what it is.

Highlights of the regulation.
Upon the signing of the law it is a crime to be engaged in any real estate transaction as a company or as an individual.
What this means is that if you have your property you have to engage a real estate broker to help you .No One deals in real estate in Lagos without having a licence that authorised him to operate and his licence is issued by a government agency called, Lagos State Real Estate Regulatory Agency, LASRERA
Why real estate firm are to pay about a million naira real estate brokers or agents are to pay 500,000 naira renewable every year.
Once there is a database of all operators,the government agency will act as an arbitral in the event of a complaints from the public and ensure that interest of the public are protected at most people will not want to lose their licensing.

2. The law also highlight the cost of transaction. This has put to rest what amount is permissible to charge on real estate transactions in Lagos State for the brokers the upper boundary is 15% on all real estate transaction and for lawyers who’s role is now agreement drafting unless they are also licensed to deal shall charge an amount not exceeding 12.5%. the total expendable cost of real estates is put at 27.5% maximum.
However, depending on the value of transactions this fee can further be negotiated down and it is chargeable on the owner of the property not the buyer.

3. It also put to rest the ratio of VAT and capital gain tax
The source of land are not vatable in the laws of federal Republic of Nigeria. However any development on land are vatable and the responsibility of payment and coordination is on the real estate brokers.

The implication is that consumers of real estate in Lagos are now protected as real estate companies are now traceable.

— Bashir Jimoh, Managing Director, Bashmoh Homes writes from Lagos

The Dangote Cement has won the coveted West Africa’s Best Quality Cement Brand of the Decade award.

The foremost cement manufacturer in Africa won the award with its novel Dangote 3X (42.5) brand.

At the presentation in Lagos organised by the Institute of Brand Management of Nigeria (IBMN), Dangote Cement was adjudged as Africa’s number one cement, as the company was said to have contributed to the infrastructure development not only in Nigeria but also Africa as a whole through its offshore business units.

A fellow of the institute, Dr Stanley Ohenhen, congratulated the winners and urged them to show quality to the public.

He explained that the institute is a platform to develop professionals in the practice of brand management.

Ohenhen, an Associate Professor at Bowen University, saluted the management of Dangote Cement for its role in making Nigeria self-sufficient in cement production challenging other brands to emulate the brand.

Marketing Manager of Dangote Cement Plc,  Mr. Raphael Agbaje,  received the award for the company.

Group Chief, Branding & Communication, Dangote Industries Limited (DIL), Mr. Anthony Chiejina, said: “People do not have relationships with products, they are loyal to brands and that is why we have designed a strategy that creates a purpose for our brand for long-term consumer and stakeholders’ engagement. Because we understand the power of brands, we have positioned all our businesses to be consumer-centric so that it can inspire millions of people behind it.’’

“This cuts across our manufacturing concerns like Cement, Petroleum, Agriculture food, automobile etc. By nature, our brand listens and our customers’ opinions will always remain on the throne and shape the products and services we serve them.

 

The government will soon unfold a policy that would make it mandatory for developers to open an escrow account, the Lagos State Real Estate Regulatory Authority (LASRERA) has said.

The objective of the account is to promote transparency and protect its citizens, she said. She advised the state’s residents to engage lawyers in their transactions to beat swindlers

The Special Adviser to Lagos State Governor on Housing, Mrs Toke Benson-Awoyinka, stated these when the Female Lawyers in Real Estate Practice (FELIREP) visited her at Alausa, Ikeja.

Noting that some developers collect money from their clients without providing any service, Mrs Benson-Awoyinka warned that such individuals or organisations would be dealt with to serve as examples to others.

The special aide advised practitioners to understand the importance of LASRERA Law, especially the provision on the documentation of transactions.

She also said the enforcement of the law at targeted at holding developers, individuals and organisations accountable for any breach.

She urged FELIREP members to see transactions beyond selling, buying or leasing of properties or cut-and-paste of documents, stressing that the real estate value chain is huge but untapped.

Earlier, the founder, FELIREP founder, Peace Anomneze, said the objective of the visit was to create awareness for the association and its programmes.

Anomneze promised that FELIREP will help to mentor young female lawyers and individuals on how to understand their markets.

She sought cooperation from the government in land documentation to ensure that the processing period was reduced.

 

A Propertymart Real Estate Investment Limited, a subsidiary of Palton Morga, has started allocating plots of land to subscribers at its Fairmont Hartland Estate, Itele, Sango Ota, Ogun State.

Group Head, Customer Service, Palton Morgan Holdings, Adeyemi Adebambo said: “We have allocated over 6,000 plots to our subscribers since inception, and they are happy to own properties in this estate because they are sure of getting value for their money. Within the next few years, the value of this estate would have tremendously increased.This is another new Lagos we are developing.

“Customer satisfaction to us is not arbitrary. In the real estate business, people are looking to acquire property with the least amount of stress.That makes us intentional about our relationship with our customers, and we deliver on their expectations in every way.”

Adebambo added that the Fairmont Hartland is a scenic and serene estate with unique life-enriching infrastructure, offering value to buyers.’’

A subscriber, Sylvester Omirona, an engineer, said: “When I looked at the layout and infrastructure of this estate, I got very much interested. I want to commend them for their great customer service. I’ll definitely choose Propertymart again when next I want to do any real estate business.”

Mr Kelvin Ajayi, who also praised Propertymart, said: “I subscribed to Fairmont Hilltop Estate, and I loved everything about it. I fell in love with the road infrastructure and the greenery.’’

 

Also, the security here is good. I even referred them to three of my friends who bought the Fairmont Hilltop plots while a friend also bought plots here at Fairmont Hartland.”

For Mr Smith Habeeb, “I heard about this property from a friend, and I decided to buy some plots here as a form of investment. It’s situated in a good location, and I know it will yield me great returns in the future. The allocation process was smooth. I definitely endorse them.”

Mrs Adeola Oshinowo, who stood in for her brother-in-law, Mr Adewale Oshinowo, said: “I love the atmosphere and the topography of the land. It is a serene environment, and secure from the hustle and bustle of Lagos… even in 100 years, this place will still be there. It’s not a swampyland, two to three generations will still be able to make use of the property. I’m passionate about Ogun State, and the location is just a stone throw to Lagos State.”

Mrs Edema, added: “I am already a part of the Propertymart family. One of the salespeople introduced me to the Fairmont Hilltop Estate, which I bought. When the Fairmont Hartland came out, she called me again, and we grabbed the opportunity to purchase another land. Their customer service is wonderful, and they are trustworthy. I even plan to go to Ibeju Lekki to buy some more of their properties there.”

 

New estate surveyors and valuers have been urged to uphold standards in the profession.

The Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) gave the charge in Lagos during the 45th induction of its 404 members.

At the event, ESVARBON also unveiled its new lapel pins and decorated some eminent members. They included past presidents and past chairmen of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) and ESVARBON.

ESVARBON’s Chairman, Gersh Henshaw urged the inductees to avoid acts of misconduct, adding that these attract sanctions.

He said after their registration, the Board will continue to watch them and punish those who misbehaved.

He said: “Even after your induction, you will still be under the watch and radar of the Board and it will not hesitate to delist your name and recover possession of the seal and stamp given to you, if you misbehave in your capacity as an estate surveyor and valuer.

“The same will also apply if the Estate Surveyors and Valuers Disciplinary Tribunal finds you culpable of professional misconduct.’’

NIESV President, Chief Emma Wike, who lauded the Board for the initiative to enhance the profession, asked the inductees to be worthy ambassadors of the profession by obeying its code of conduct.

According to him, NIESV had improved on its standards in compliance with the Board’s rules.

This, he said, had led to the increase in the number of estate surveyors and valuers.

The guest lecturer, Claire Chizea, who spoke on “Integrity a sine qua non to professionalism”, said integrity was anchored on honesty, truthfulness, accuracy, timeliness, foundational values for trust and confidence.

Registrar, Architects Registration Council of Nigeria (ARCON), Umar Murnai advised the new members on standards.

Registrar, Council of Registered Builders of Nigeria (CORBON), Kuroshi Peter, urged the inductees to add value to their profession. Peter, who was represented by Mrs. Ojo Atinuke, also charged the inducted estate surveyors and valuers to avoid unprofessional acts.

Moses Ogunleye of the Town Planners Registration Council of Nigeria (TOPREC) also spoke in a similar vein.

 

Mixta Africa, one of Africa’s largest indigenous real estate companies, has announced plans to introduce more revolutionary solutions, including construction of additional luxurious homes.

The company also hinted on plans to enlist mortgage finance schemes aimed at encouraging prospective home ownership.

Reflecting on the company’s sterling performance in 2021, the Country Manager, Mrs. Sade Hughes, said Nigeria with an estimated housing deficit of over 17m residential units require robust strategy to tackle.

She stated that housing deficiency gap in Nigeria and Africa at large remain a focal point that top-notch solutions will address.

“We are working round the clock to ensure more and more Nigerians own properties at the best of deals.

“Our purpose is to build communities and provide enough homes for different classes of Nigerians and Africans.

“Part of this strategy is our decision to develop more affordable houses and engage mortgage providers to make more Nigerians to own homes with easy payment plans,” she explained.

Speaking on the company’s achievements in 2021, Head of Marketing, Ms Onome Umukoro hinted that the company’s estate projects such as the Obudu Villas, Beechwood Park 1 & 2, Adiva Plots and Cove Lofts are all sold out while Lakowe Heights, Marula Park, Expressview Estate in Abuja, Adiva Plainfields/new release, Commercial plots and the Residence Goree located in Senegal are all selling and on high demand.

Umukoro shared: “Our vision is to deliver urbanized and modern cities across the continent of Africa and we have garnered appreciable milestones in our estate projects.

“Our company has successfully developed more than 13,500 residential and retail units across 8 countries on the continent.

“We are currently present in 8 countries across Africa with full operations in Nigeria, Senegal, Côte d’Ivoire, Morocco, and Tunisia but projects in Mauritania, Algeria and Egypt.”

She highlighted other achievements of the company to include the provision of affordable houses within the developing township programme tagged: Lagos New Town.

“Lagos New Town is a development concept where we host some of our most notable products including Lakowe Lakes Golf and Country Estate, Beechwood Estate and Adiva Plainfields.

“The idea is to provide housing for a different cadre of homeowners with exquisite and luxurious aesthetics with comfort and convenience in mind,” she stated.

Brookstone Property, a  real estate investment and development company, has inaugurated its multi-million-dollar Okotie-Eboh Overlook Condominium in Ikoyi, Lagos State.

The posh condominium, named after the late Finance minister, Chief Festus Samuel Okotie-Eboh, consists of luxury nine-floor of 22 apartments of two-bedroom, three-bedroom flats and three-bedroom duplexes. It is fitted with video access capabilities, an open terrace, a king-size swimming pool, and is built between two of Ikoyi’s most prominent social and recreational establishments – the Ikoyi Club 1938, and the Lagos Polo Club.

The construction of the edifice kicked off in July 2018. It was designed by an international firm, ANA Designs, and is conceived with the vision to deliver a new standard to the real estate market, including views of an 18-hole golf course and international polo grounds, residences with grade A standard finishes plus stunning common area amenities, and large living spaces. The Managing Partner, Brookstone Property, Mr. Joe Orji said: “We are pleased to unveil the biggest of our luxury real estate properties in Nigeria and truly proud of the work the entire team put into actualising the dream. The Okotie-Eboh Overlook Condominium is at the forefront of luxury living in Lagos State and we have built a facility that is available for owners at a rate that offers them a great return on investment.”

Also, the firm’s Managing Partner, Emmanuel Atureta, stated: “The overlook is a legacy for the late nationalist and shrewd businessman, Chief Festus Samuel Okotie-Eboh, as a legacy for him.We carefully chose this location which is on a street named after him and inaugurated on a day that he left the world. With this facility, we are committed to reshaping people’s ideology of what luxury is and very friendly rates which allow people build wealth with their investments in the property.”

Governor Mr. Babajide Sanwo-Olu, who represented at the event by the Special Adviser on Housing, Mrs. Toke Benson, said: “The state government is committed to partner with development firms and real estate companies to erect beautiful edifices across the state to create opportunities for wealth creation and drive needed economic growth. We understand that there are challenges that impact on developments across the state, however, we are committed to working through these challenges to make Lagos State the choice destination for real estate development and tourism.”

Ogun State Governor, Dapo Abiodun, who   switched on the lights of building as part of the inauguration, said: “I am pleased to light this beautiful edifice, which has been tastefully built to meet the class and style of an international standard facility. I hope that this will signal the dawn of more constructions of this nature by the developers and trust that this would provide more jobs for the unemployed youth.”

Lagos State Government has called for the participation of citizens in achieving a cleaner environment.

It made the call at the sanitation competition for the cleanest local council area held by the Environment ministry.

Speaking during the presentation of prizes such as mini-vans to the cleanest local council in the metropolitan, urban and sub-urban categories, wife of the sttae governor Dr Mrs Ibijoke Sanwo-Olu said the task could not be left to government alone.

Represented by Mrs.Oyindamola Ogunsanwo, she reiterated that the failure of service delivery to people and communities, and lack of sustainable outcomes are direct results of the non participation of the people.

She recalled that since the inception of the administration, the state had resolved to rescue the environment from abuse and declared zero tolerance on environmental nuisances.

She stated that the event was put together to encourage community participation and foster a good relationship between the two tiers of government – state and local government in terms of environmental sanitation and community cleanliness.

She added that the unsanitary conditions of some communities within the state were of concern and required a great sanitary awakening, adding that the essence of the exercise is to assess the state of environmental sanitation across the communities with respect to waste management, streets cleaning, tertiary drainage maintenance, and community beautification.

“When sanitary conditions are poor, diseases and other health-related problems will be prevalent; It has been established by experts that the state of health of a particular location can be linked with the state of the environment of the said location. They are intertwined,” she said.

She added that following the cancellation of the monthly environmental sanitation in 2016, there had been no opportunity to tour local governments and local council development areas in the state aside the market sanitation initiative of the Office of the Lagos State First Lady being coordinated by the Committee of Wives of Lagos State Officials (COWLSO) and other important MDAs.

“To close this gap, we have deemed it fit to organise an annual sanitation competition among all LGAs/LCDAs to assess the sanitation status of the entire state and reward the LGAs/LCDAs that are outstanding in areas of environmental management” she said.

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Earlier, the Commissioner for the Environment and Water Resources, Mr. Tunji Bello explained that in a rapidly urbanising society like Lagos, sustainable solid waste management practices remains a key challenge, adding that poor waste management causes air pollution, water pollution, as well as marine litters and all these contribute to climate change.

Bello said the interventions being carried out by the state since 2003 in terms of waste management were targeted at building required capacities and made it business-friendly for  investments.

He said it sad local government authorities have abdicated their constitutional responsibilities on solid waste management which is one their basic functions.

The commissioner stressed that  the LGAs/LCDAs must have a change of orientation and be alive to their constitutional responsibilities by working towards acquiring the needed capacities

He emphasised that it was based on the aforementioned that the Ministry with approval of the governor resuscitated the yearly environmental sanitation contest among LGA and LCDAs to raise peoples’ consciousness on the need to prioritise sanitation and be a vehicle of change for the larger society.

Bello said the criteria employed in the course of the assessments includes solid waste management practice across the communities, roads / street cleanliness, open defecation and urination, markets’ sanitation status, sanitation status of motor parks and garages, primary health centres, local government secretariats and aesthetics of the LGAs/LCDAs.

“While several strategies may be available for managing these challenges, monitoring and interventions at the level of the LGs/LCDAs would go a long way to achieve a cleaner and healthier environment. It would not only contribute to improved sanitation for communities but also improved socio-economic development” he stressed.

He stated that the LGAs/LCDAs Award were  categorized into Metropolitan, Urban and Sub-Urban, for ease of assessment while awards were given to the cleanest Market, Motor Park, Primary Health Centre and MDAs in the old and new  Secretariats of the State.

The Permanent Secretary Office of Environmental Services, Mrs. Belinda Odeneye who also spoke said the Sanitation Competition Awards Ceremony is a testimony that must be a continuous event for generations to come.

She said it has been the motivating pillar of environmental sanitation cleanliness in our local Government Areas/Local Council Development Areas

In a goodwill message, the Chairman of Igbogbo Baiyeku LCDA,  Sesan Daini, appreciated the gesture behind the awards, saying it would witness robust  outings going forward.

Also speaking, the Managing director of LAWMA Ibrahim Odumboni said his agency was involved in the grading process of the competition and he can testify that the result is very fair.

Winners emerged in different categories with Surulere LGA, Epe LGA and Oriade LCDA won the cleanest Local Governments and LCDA in the Metropolitan, Urban and Sub-Urban categories respectively.

The three Councils won a plaque and a branded Suzuki mini bus each.

Prizes were also given to the cleanest market, Motor park, local council headquarters and  Primary Health care centre.