By Okwy lroegbu-Chikezie

The Lagos State Government through the Ministry of physical planning and Urban development has urged developers in the state to strive towards voluntary compliance to existing building laws rather than wait for government’s enforcing the law on them.

The State Commissioner for Physical Planning and Urban Development, Dr. Idris Salako said this during stakeholders’ forum with Developers under the aegis of the Real Estate Developers Association of Nigeria, Lagos State Chapter.

Dr. Salako said that the programme was targeted at enhancing collaboration and block communication gap between Government and Stakeholders, in order to cultivate voluntary compliance on the part of the Developers.

Salako added that it was important for Developers to get adequate information on the plans and activities of Government so as to promote sustainable environment in the State in line with the T.H.E.M.E.S Agenda.

He said that Government had taken many important steps towards enhancing the ease of doing business in Lagos State.

“We have taken care to ensure that all parts of the State are covered by a Planning Instrument as we have vigorously prepared and reviewed Master Plans and Model City Plans, while we have awarded 9 Action Area Plans and 9 Development Guide Plans to give room for the sustainable development of the State,” he said.

According to him, the State Government increased the number of Supervisory Directors and District Heads, devolved the Planning Permit Approval power and adopted digitisation of processes in order to fast track the Planning Permit process.

“We have also released the lands under Government acquisition in some parts of the State. This move, I am sure, will allow Developers to tidy their Approvals in the affected areas,” he said.

On his part, the Special Adviser to the Governor on Urban Development, Ganiyu Ayuba stated that the vision of the State Government for the built environment could best be achieved in collaboration with Developers, whom he urged to apply the gains of the discussion to their activities in the built environment.

For seamless and continuous engagement with Stakeholders, the Ministry of Physical Planning and Urban Development (MPP&UD) developed the MPP&UD mobile app to assist information sharing and real time engagement with features such as the ePP registration, ePP guidance, uploading Planning Permit and a database of Registered Professionals and Stakeholders, tagged the Marketplace.

The MPP&UD mobile app was elaborately presented and demonstrated to the Stakeholders by the Permanent Secretary, Ministry of Physical Planning and Urban Development, Engr. Abiola Kosegbe who urged Developers to always access the platform for interactions with the Ministry.

Speaking at the forum, the Chairman, Lagos State Chapter of REDAN, Mr. Bamidele Onalaja said that the stakeholders forum was conceived to ease the challenges faced by Developers in erecting buildings in the State.

Onalaja said, ” Getting necessary permits has become a big issue and we see the urgent need to address it”.

The General Managers of the Lagos State Physical Planning Permit Authority, Lagos State Building Control Appeals, Lagos State Urban Renewal Agency, Lagos State Materials Testing Laboratory and Lagos State New Town Development Authority as well as the Director of Development Matters in the Ministry of Physical Planning and Urban Development took turns to address the developers.

Experts, practitioners and other stakeholders in the real estate sector have converged on Lagos to discuss the way forward, post-COVID-19 for the industry.The event, which held under the aegis of the Lagos State Real Estate Regulatory Authority (LASRERA), examined ways to develop effective models and minimise trust deficiency in real estate transactions. ASST. EDITOR, OKWY IROEGBU-CHIKEZIE, reports.

 

Stakeholders from the various sectors and experts from across the globe have met at a parley in Lagos to fashion out a robust policy for the sector.

This is to give teeth to the Lagos State Technical Committee on Real Estate Regulation.

The Special Adviser to Governor Babajide Sanwo-Olu on Housing, Mrs Toke Benson-Awoyinka, put the issue in perspective, when she said it was pertinent to create a robust housing policy with  stakeholders, especially with the advent of COVID-19.

She stated that the committee’s mandate was to design a policy and fiscal framework to institute and promote global best practices in the state.

She noted that the policy emanating from the meet would curtail the malpractice in the real estate sector and improve financial transparency and fiscal responsibility.

According to her, the committee’s mandate is in line with the state government’s agenda of transforming the state into a 21st Century model of effective and efficient governance.

The special adviser stated that the committee,  which constitute of  team leaders  of diverse talents  and expertise, was charged with addressing the challenges in the sector, with particular attention to reforming the Home Ownership Model, to increase housing stock and reduce deficit.

Mrs Benson-Awoyinka said to find lasting solutions to the challenges in the sector, the committee would be required to set up a comprehensive system and framework for resolving financing.

According to her, the team would create a trusteeship for the management of real estate remittances for off-takers, and a system to stagger payments to developers where off-plan payments are applicable.

“The committee will set up a governance structure which will oversee the entire real estate framework and stakeholders’ engagement in the state, to minimise trust deficiency.

“It will be responsible for the centralisation of insurance management for all real estate assets, which will dovetail into the Lagos State risk management framework, to further boost confidence and safeguard investment.

“The team will create and implement Strata Title Law, to drive revenue and encourage the revivification of unused capital in the state, as well as improve accessibility to housing for citizens.”

Mrs Benson-Awoyinka noted that the team would transform the state into a pacesetter for financial growth and inclusivity using real estate as a channel for its citizens in Africa.

The Commissioner for Finance, Lagos State, Mr Rabiu Olowo, said Lagos is the only state that has country status. It attained the status, according to him, due to its primary roles in advancing  the economy and West Africa region.

He said: “Like other mega cities in the world, housing has been one of the critical pain points in Lagos State. This challenge called for a well- thought roadmap to enable the government understands the real estate ecosystem and this is the basis for constituting the Lagos State Real Estate Regulatory Authority.

“In modern cities like Dubai, where real estate accounts for 20 per cent  of its GDP (compared to an average of seven per cent in most other countries). This statistic calls for a revisit of our real estate model and possible re-appraise our assumptions in other to improve our contribution to the  economy.

“The real estate sector in Nigeria is yet to grow to the level of making impact on the growth of national GDP. The reason is not far-fetched. It is because the secrets of the sector is yet to be explored by both the investors and the government to help harness the potential to the benefits of the nation.”

He said theme of the eevnt Transparency and governance in the real estate sector had become very crucial, considering the increased reported cases of fraud and unethical practices by some real estate practitioners/property developers in the sector across the state.

According to him, the National Bureau of Statistics recently put real estate contribution to Nigeria’s GDP at 7.5 per cent, a figure that left many stakeholders surprised at what they described as a very poor rating by the body.

“The current Global Real Estate Transparency Index Survey carried out in 2020 rates Nigeria poorly as number 68 out of 99 countries with a score of 3.74 per cent  as against United Kingdom as Number 1 and a score of 1.31per cent . South Africa remains the only country with a positive real estate transparency index in Africa ranked number 24 with a score of 2.37.”

To plug the housing holes, the World Bank in its 2014 study stated that N59. 5 trillion would be needed at N3.5 million per unit he stated.

According to him, in Lagos State, the statistics shows that the contribution of real estate to the state GDP stood at  N242billion, representing 2.01per cent of the state GDP which is very low.

He argued that the Lagos State Real Estate Regulatory Authority’s role in the real estate sector transcends regulatory and policy making, the focus of this agency is to help rebuild the lost confidence, improve transparency and governance and create a saner real estate ecosystem as it affects on and off plan investors

He implored stakeholders in the industry to work as a team in transforming the sector in the state to become one of the best across the globe.

Olowo said the initiative of the committee had strategic broad responsibilities with its focus on improving financial transaction and building internal and external investors’ confidence.

He stated that the introduction of a real estate trustee to help manage off takers – investors funds and gradual re-imbursements to real estate developers would reduce the overbearing exposure or risk investors face in the industry.

The finance commissioner noted that the subscriber’s funds would only be accessible to developers upon approval from the trustees and the government.

According to him, the required approval will cover both quality of deliverables and milestone.

“Transparency and governance in the real estate sector has become very crucial considering the increased reported cases of fraudulent activities and unethical practices by some real estate practitioner/property developers in the sector across the state,” he said.

Also, the Attorney-General of  the State, Mr Moyosore Onigbanjo,  said LASRERA was set to do great things in the sector, and that is why it had gathered experts in areas such as finance, law, real estate, among others as members of the committee.

The task of the committee, he said, is beyond the state because whatever it does, has a ripple effect across its borders.

“As the Attorney-General of the state, I pledge that the state in partnership with other stakeholders will provide the right regulatory framework for real estate transaction.

Inaugurating the committee, he said:“We want to see an end to the weird real estate practice presently in place in the sector,” adding that  investors were protected.

Some of the members of the team are: Olowo, Onigbanjo, Mr Babatunde Obaniyi of United Capital Trustees; Mr Kayode Omotoso of Mortgage Bankers Association of Nigeria (MBAN) and Mr Afolabi Balogun of Libra Law Offices.

Also included are: Mrs Funmi Ekundayo of STL Trustees; Mr Kehinde Ogundimu of NMRC; Dr Roland Igbinoba of Pison Housing; Mr Bisi Onasanya of the Address Homes and Mr Femi Adewole of the  Family Homes Fund (FHF).

Others are: Mr Owolabi Salami of Oaks Insurance Limited; Mr Demola Sogunle of Stanbic IBTC; Deji Adeogun of Philips, Charles, Anthony Legal Practitioners.

By Samson Oti

Few days after hosting the first-ever banquet for real estate investors and enthusiasts “Housing for All Banquet” in Port Harcourt, My-Ace China has unveiled Okon Lagos, KO Baba and Aproko as brand influencers to promote their real estate solutions and solve the housing problems in Africa.

The unveiling of the brand ambassadors took place in Port Harcourt.

The deal comes with a house for each of them which will be presented to them by the Mayor of Housing, My-Ace China after completion.

The brand ambassadors are expected to use their popularity in real life and on social media to promote the brand and their real estate solutions to increase brand awareness and get more Nigerians to subscribe to their real estate solutions.

The engagement of Okon Lagos, KO Baba and Aproko signifies My Ace-China’s commitment to solving the housing problems in Nigeria and Africa.

H had presented car keys and other benefits to subscribers who completed their social funding circle and qualified for the benefits.

4point Property has officially unveiled the addition of Terraces to the company’s Rose Gardens Project at Magboro City along Lagos-Ibadan Expressway.

The groundbreaking ceremony on Thursday marked the beginning of the company’s big move to construct affordable houses in border communities within close proximity to Lagos State.

Speaking at the launch of the project at the site in Magboro, Head of Business, Charles Esomojumi, stated the Rose Gardens Terrace Duplex was inspired by 4Point’s commitment to contribute positively to the growth of the real estate sector while also addressing the housing deficit challenge by developing and delivering affordable and easy to own properties.

He further explained by focusing on affordability which was identified as a key barrier to home ownership in Nigeria, the company was able to recognise the prevailing setback and proactively introduced an extended payment scheme that allows subscribers extend their payment up to 30 months at minimal mortgage rate.

Read Also: How Lagos saved property worth N139bn from fire

“We however keep an eagle’s eye on communities in close proximity to highly commercial cities like Lagos, where people can easily commute from home to work and back without having to spend valuable time in traffic,” Esomojumi said.

Head of Operations, Omolola Philip-Okpokoro stated the major drive of the company is to contribute a huge quota to the housing sector.

She added that the company consistently upholds affordability and high quality as a guiding principle in the delivery of all projects.

“We are highly focused on reinventing the real estate sector in Nigeria by making affordability the core of our business, this is the primary reason we choose to develop suburban communities where the cost of land is more affordable.

“Our vision remains on creating value, be it from providing land ownership opportunities, investments or construction, we are committed to consistently creating new innovations in real estate that guarantees high return on investment,” she said.

When completed, the Rose Garden Magboro will house 4-bedroom semi-detached duplexes and 4-bedroom terrace duplexes, which will feature spacious rooms, family lounge, private lounge, and kitchen.

It is designed as a luxurious yet affordable residence, wholly developed to accommodate loved ones in a safe and secured eco-friendly community.

By Ibrahim Adams

Barely one year after successful launch of her premiere housing project, Ruby Apartment One in Ologolo community, Lekki, Novarick Homes has unveiled two affordable housing projects, Ruby Two and Ruby Three within the same Ologolo community.

The projects, it said, are to provide affordable and sustainable living communities to Nigerians.

The groundbreaking ceremony at the project ground was attended by Queen of Ilara, Epe, Olori Bolanle Yetunde Ogunsanwo, Chief Imam of Lekki Central Mosque, and a Non – Executive Director of Novarick Homes, Mr. Otonye Loloma, among others.

Novarick Homes CEO, Noah Ibrahim, who celebrated his 29th birthday same day, stated the ruby projects are to transform the housing markets, drive sustainable developments and provide a viable investment opportunity for investors.

He added the success recorded in the construction of Ruby One is proof the company is committed to its goal to continue building affordable and sustainable homes to meet the housing demand and deliver long-term investment.

“Our mission remains providing affordable homes that improve the standard of living of the common Nigerian and a sustainable environment for people to dwell.

“We started Ruby One with this single dream and we have witnessed it gradually take shape in becoming reality, but we aren’t stopping there.

“Today we are launching Ruby 2 and Ruby 3, tomorrow by the grace of God we will launch Ruby 4 and Ruby 5.

“The current housing deficit is 700,000 units annually, our goal at Novarick Homes is to deliver at least 0.1% of that number annually,” Ibrahim stated.

Ruby Two comprises four units of 4 – bedroom exquisite semi-detached duplexes with BQ.

It features spacious rooms, an exquisite family lounge, a fully fitted kitchen, a walk-in closet, a jacuzzi, a swimming pool, a gym, and pre-installed Solar panels and inverters as backup power.

Ruby Three, situated adjacent Ruby Two, comprises four units of 4 – bedroom terrace duplex with BQ, one unit of 4 – bedroom fully detached duplex, an exquisite two-bedroom apartment with BQ, two units of 4 bedroom semi-detached duplex with swimming pool, and an exquisite 2 bedroom apartment with BQ all fitted with solar panels and Inverters as backup power.

By Okwy Iroegbu­Chikezie

 

Determined to reposition the Federal Mortgage Bank of Nigeria (FMBN) for better housing delivery, the Federal Government has inaugurated an eight-man Joint Technical Committee (JTC) for the  commercialisation and recapitalisation of the mortgage institution.

The move, according to a statement by the Bureau of Public Enterprises (BPE), is consistent with the government’s promise to bridge Nigeria’s housing deficit, which hit 22 million in 2019.

The committee comprises four members each from the BPE and  FMBN.

The Director-General of BPE, Mr. Alex Okoh, said the Terms of Reference (TOR) for the committee would include to review the bank’s framework, structures and modality; and harmonise policies.

Others are the review of  laws and regulations governing mortgage banking to  identify areas that would facilitate the implementation of full commercialisation and recapitalisation of the bank.

The committee is also expected to   harmonise reform processes of the FMBN with the on-going reform of the housing sector.

Furthermore, it would develop strategies on how to reform FMBN that would enable it to raise funds from the money and/or capital markets without government guarantees; and undertake review of the legal, institutional and operational frameworks.

In addition, it will study and compare   mortgage banking in a few African countries and other emerging economies with a view to learning from their key success factors that can be replicated.

By Okwy Iroegbu­Chikezie

 

The Special Adviser to Lagos State Governor on Housing, Mrs Toke Benson- Awoyinka, has urged residents to support the government’s efforts in eliminating fraudulent practices in the real estate industry by patronising registered real estate practitioners/property developers. She, however, warned citizens of the consequences of patronising unregistered real estate practitioners.

In a statement, Adeoti Sobowale , the Assistant Director, Public Affairs, Lagos State Real Estate Regulatory Authority (LASRERA), stated that Benson-Awoyinka made the appeal while reviewing the activities of operators.

”We should not allow “briefcase” real estate agents/ property developers and artisans take over the real estate sector at the detriment of professionals that abound across the State,” the aide said.

Benson-Awoyinka said real estate is not just about buying and selling properties alone, but also about the provision of quality services to potential clients. She advised stakeholders in the sector to leverage the opportunities in the value chain of the sector.

She stated that the Mega City status of the state necessitated the establishment of the for the safety of residents, investors and the protection of players in the industry.

She said with LASRERA as the regulator, there would be maximum value and return on investment for investors.

According to her, LASRERA has helped in boosting the government’s image, promoted the ease of doing business and also increased foreign direct investment.

The Special Adviser, who described real estate as the state’s gold, maintained that the sector must be protected, and public trust restored for the genuine practitioners to have a deep penetration of the real estate market.

She said: “With the recent judgment of the Federal High Court in Lagos in favour of the  State on  the  constitutionality of the State Government and Lagos State Real Estate Regulatory Authority (LASRERA) to regulate the Sector in the State. They will ensure that players in the sector play according to the rules. He said the government is working towards increasing investor confidence by submitting a bill to the state House Assembly to include the Foreclosure Clause in the Lagos State Mortgage Law for the protection of  residents.”

 

She said the sector will conform with global best practices in easing business   for  investors in the diaspora  and  Individuals with assurance of the safety of return on  their investments in the sector.

She advised the practitioners in the value chain to support government in making the sector viable and for local and international investors.

 

Agency Reporter

 

The Chairman and CEO of Prince Luxury Group, Mr Omoha Nduka John, better known as Prince Omoha, a real estate entrepreneur and investor has said he is ready to disrupt the architectural landscape of the country with a new project that would not only redefine ‘luxury’ but also presents huge investment opportunities to investors.

According to him, his company, Prince Luxury Group will be offering over 20% Return on Investment (ROI) in 24 months

“In order to satisfy investors with mouth-watering deals on the investment, especially at this time

when businesses are just bouncing back from the Covid 19 pandemic, Prince Luxury Group

is offering over 20% ROI in 24 months. In Nigeria today, treasury bills are sitting at 3%. Real Estate and Prince Luxury Group remain the ultimate investment options for savvy investors with more than 20% ROI in 2 years,” he states.

“A 4 Bedroom Terrace you are buying today for N75,000,000, million will be sold at

N150,000,000 upon completion, giving you over 200% ROI in 2 years.” Omoha adds.

Explaining what the project entails Omoha says it converges two distinctly opposing entities; luxury and affordability, in a bid to put an end to the ‘average class luxury’ in real estate in Nigeria.

“The new project is coming to disrupt architectural imagination and introduces a new trend whose features and facilities cannot be found anywhere in Nigeria,” he declares with an air of authority.

Omoha boasted that upon completion the project will not only compete with the best estate in

Nigeria but with other notable luxury homes around the world, citing that the inspiration was stirred by the iconic architectures from Dubai, reiterating that the project stands at the very core of sophistication, art and architecture.

“In bringing this project to life, the company did not only scrutinized projects around Lagos,

Abuja and other parts of the country, studying the best estate projects in Lagos. Armed with

this privileged information, Prince Luxury Group created exclusive features and facilities

that gives a competitive edge over its counterparts,” he adds.

Prince Omoha Nduka has distinguished himself in the real estate sector in Nigeria and has received numerous awards including Real Estate Entrepreneur of the Year 2018, Real Estate Investor of the Year 2019. He has also got several nominations and listed among Forbes Africa 30 under 30 class of (2021).
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To bridge the over 17million housing deficit in the country,  Evertop Realties Limited has launched its two- and three-bedroom bungalow terraces in the Agbara-Atan axis of Ogun State.

Named the Grandville Homes Phase Two, the estate consists of 50 units each of two- and three-bedrooms bungalow terraces, which, according to the company’s Managing Director, Seun Joseph, is a project aimed at making decent homes affordable to Nigerians.

Joseph expressed satisfaction with the level of work done by the artisans, whom he claimed are using standard materials.

“We are happy as a big player in the real estate industry to contribute to the national housing stock; this is to ensure that affordable housing is made accessible to all. Not just that, such houses must be decent enough for people to raise a good family which would in turn translate to better society,” he said.

During a tour of the project, Evertop Realties Human Resources Manager, Elizabeth Adeyemo said: “Grandville Homes are creatively designed with an eye for class, style and comfort. All the rooms are en suite with guest toilets. Each apartment has ample car parking space and is ideal environment where you can live with pride.”

The ground-breaking was graced by the Baale of Araromi, Chief Odeyemi Segun, who led some elders of the host community, and members of the Nigeria Union of Journalists (NUJ), The Nation Chapel, who are subscribers to the estate, led by its Chairman, Innocent Duru and Secretary, Gboyega Alaka.

Chief Odeyemi expressed joy with the huge development the project, when completed, would bring to Agbara-Atan and environs.

Alaka affirmed the cordial relationship the chapel enjoys with the organisation, saying: “There is no regret so far partnering Evertop Realties Limited.”