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Real Estate Investment Trusts (REIT) A REIT is a company that invests in real estate and distributes its income to shareholders e.g SkyeShelter REIT, UNHOMES/GMA REIT.

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  #1181 (permalink)  
Old 19th November 2012, 01:23 PM
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Default Re: future of real estate?


The Ogun State Government has earmarked 37,000 hectares of land for the development of a new town that will straddle the Papalanto axis in Obafemi Owode Local Government all the way to Ifo in Ifo Local Government area.

The new town, which will be part of the Lagos Mega City, will take off from the left hand side of the Papalanto road where Nestle Nigeria Plc has its factory off the Abeokuta-Shagamu dual carriageway and will traverse Mowe, Ofada, Loburo and Ifo communities, among others.
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  #1182 (permalink)  
Old 19th November 2012, 01:24 PM
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However, the news may not be too pleasant to private developers, who have acquired hundreds of hectares of land in the area, especially around Papalanto, but the government has promised that those with genuine papers have nothing to fear

According to the Special Adviser to the Governor on Land Matters and Director-General, Bureau of Lands and Survey, Mrs. Ronke Sokefun, those with valid documents will be paid compensation, while the government will excise existing settlements in order for the indigenes to maintain their heritage.
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  #1183 (permalink)  
Old 19th November 2012, 01:25 PM
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Sokefun, who spoke in an interview with our correspondent on Wednesday, said in order to facilitate the establishment of the modern city that would be a model in physical planning and infrastructure, the state government had acquired 1.5 kilometre of land from the centre of the Papalanto road on the left hand side.
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  #1184 (permalink)  
Old 19th November 2012, 01:30 PM
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Default Re: future of real estate?

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Originally Posted by emmanuel ewumi View Post
Most of the guys promoting different estates in the axis are undercapitalised, they are all speculators. They did not have the resources to develop and add value to the estates. The only exception is Cornerstone estate, and another one where Mr. Felix Ohiwerie is the Chairman of the company.
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  #1185 (permalink)  
Old 19th November 2012, 01:35 PM
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Expectedly, ripples of the effect on the proposed new town scheme would be felt by prospective homeowners, especially those who have committed their life savings on the procurement of plots in affected estates.


According to her, government embarked on the new town project in the Papalanto axis, ostensibly to harmonise the existing infrastructure and correct to anomalies therein there would be the need for ratification exercise to know the affected estates and those to be incorporated into the scheme while compensation would be paid to those whose property would need to give way, provided they have the necessary documents.
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  #1186 (permalink)  
Old 19th November 2012, 01:36 PM
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On the allegation of neglect by Riverview estate residents against Ogun State Government, especially on the non-provision of the needed infrastructure, despite paying charges for the provision of certain facilities, such as drainage and roads, the DG said government has many things seeking its attention than the issues at the estates
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  #1187 (permalink)  
Old 19th November 2012, 01:39 PM
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On the allegation of neglect by Riverview estate residents against Ogun State Government, especially on the non-provision of the needed infrastructure, despite paying charges for the provision of certain facilities, such as drainage and roads, the DG said government has many things seeking its attention than the issues at the estates

But you guys collected development and infrastructural levies from subscribers yet you failed to deliver.

The government of Gbenga Daniel equally asked subscribers to pay additional illegal fees, yet facilities were not provided.
Government can be very irresponsible.
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  #1188 (permalink)  
Old 19th November 2012, 01:41 PM
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Originally Posted by emmanuel ewumi View Post
Expectedly, ripples of the effect on the proposed new town scheme would be felt by prospective homeowners, especially those who have committed their life savings on the procurement of plots in affected estates.


According to her, government embarked on the new town project in the Papalanto axis, ostensibly to harmonise the existing infrastructure and correct to anomalies therein there would be the need for ratification exercise to know the affected estates and those to be incorporated into the scheme while compensation would be paid to those whose property would need to give way, “provided they have the necessary documents.”

Government is more interested in the hundreds of billions of Naira that will be raked in from land ratification process.
You guys in Ogun are really learning from Lagos. Levies and fees from land and property in Lagos, is just like revenue from crude oil in the South South region.

Last edited by emmanuel ewumi; 19th November 2012 at 02:00 PM.
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  #1189 (permalink)  
Old 19th November 2012, 01:57 PM
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Default Re: future of real estate?

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Originally Posted by goldsun View Post
there are instances where govt map out land for sales, i guess that'll be a better way to buy lands
Which government? The government that will leave after 4 years or max. 8 years? Omo, if you dey buy such thing, then you must have the legal firepower like Waaaan$$$$! Me, I no get and so I dey hide for my cocoon!
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  #1190 (permalink)  
Old 19th November 2012, 02:03 PM
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Which government? The government that will leave after 4 years or max. 8 years? Omo, if you dey buy such thing, then you must have the legal firepower like Waaaan$$$$! Me, I no get and so I dey hide for my cocoon!
Ogun state is gradually becoming aggressive to investors and businessmen. When late Olabisi Onabanjo established Agbara, Otta and Ogijo Industrial estates, land were given at almost free to manufacturers, Industrialists, businessmen etc. This attracted investments to the state, but things are now different in Ogun state.
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  #1191 (permalink)  
Old 19th November 2012, 02:08 PM
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Originally Posted by emmanuel ewumi View Post
It is greed on the part of the government, they acquired a land bought from omo-onile for public benefit ie according to them.
You can buy land from Omo onile, or real estate company or from government.

Government land are acquired from Omo onile by the govt, at times government can compensate the Omo -onile, or they can decide not to compensate them.

Ogun state is trying to cash in on the massive expansion of Lagos.

There is no land that has title, it is after buying the land that you will process the title.
Yes, there is no land with title but getting government titles here is painstakingly slow! Govt should be involved in the processing of title deeds before people even pay for the land. How can you pay and then you go and register later. Why not govt. coming in and then processing the change of ownership from this landlord to this buyer and that becomes binding to the parties. We have argued this title thing before and I no get strength.

People will continue to be duped so long as the right things are not done.
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  #1192 (permalink)  
Old 19th November 2012, 02:12 PM
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Originally Posted by Oracle View Post
Yes, there is no land with title but getting government titles here is painstakingly slow! Govt should be involved in the processing of title deeds before people even pay for the land. How can you pay and then you go and register later. Why not govt. coming in and then processing the change of ownership from this landlord to this buyer and that becomes binding to the parties. We have argued this title thing before and I no get strength.

People will continue to be duped so long as the right things are not done.

In that case you might not get land, even when you buy from government you will still need to process your title.

Government can also revoke title to property for overriding public interest. How did Jakande get Anglican, Methodist, Baptist and Catholic land in the early 80s. He said the land were taken over in public interest.

Govt is generally greedy, a friend paid for a government land in Ikorodu in 2006, as we speak the guy has not seen his land.
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  #1193 (permalink)  
Old 19th November 2012, 02:15 PM
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Quote:
Originally Posted by Oracle View Post
Yes, there is no land with title but getting government titles here is painstakingly slow! Govt should be involved in the processing of title deeds before people even pay for the land. How can you pay and then you go and register later. Why not govt. coming in and then processing the change of ownership from this landlord to this buyer and that becomes binding to the parties. We have argued this title thing before and I no get strength.

People will continue to be duped so long as the right things are not done.

They are equally duped by the govt. Imagine buying a land from govt for 1 million Naira in 2005, and you are asked to pay another 2.5 million in 2010, just because the value of the land has risen.

Govt don't like risk but they want return.
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  #1194 (permalink)  
Old 19th November 2012, 02:21 PM
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Quote:
Originally Posted by emmanuel ewumi View Post
Do you think Redeemed, Mountain of fire and Winners chapel in ogun State bought their land from government. They bought from omo onile, after which they will process the title to their land.

Those who have land in the affected estates will still have their land but they will need to cough out more money for the ratification of the property especially if they have stared developing their property.
There is no way I can explain it that you will understand.

If you want to buy a property, the buyer needs to go to a government institution with the seller and the following will(should) happen:

(1) The seller hands over his/her title deed to the govt. institution

(2)The buyer gives money or cheque to the seller in that govt. office.
(3) The govt. office ask for their stipulated commissions
(4) The govt. office then enters the details of the buyer into their record and then prints the title deed to the new owner(the buyer)!

The title deed is what you need and it should be out as you conclude payment with the seller and the govt. office. There would be no under-payment. No fraud. No 'sorting'. No many bureaucratic hurdles. You see everything in the open. No lawyer!
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  #1195 (permalink)  
Old 19th November 2012, 02:25 PM
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Default Re: future of real estate?

Quote:
Originally Posted by emmanuel ewumi View Post
The Ogun State Government has earmarked 37,000 hectares of land for the development of a new town that will straddle the Papalanto axis in Obafemi Owode Local Government all the way to Ifo in Ifo Local Government area.

The new town, which will be part of the Lagos Mega City, will take off from the left hand side of the Papalanto road where Nestle Nigeria Plc has its factory off the Abeokuta-Shagamu dual carriageway and will traverse Mowe, Ofada, Loburo and Ifo communities, among others.
That is Ogun State govt. under this governor. What about the next governor? What will he(the next guy) do? Will he say due process(...the usual word) was not followed in acquiring the land and remitting the proceeds into govt. coffer? No one knows! Everything is uncertain!
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  #1196 (permalink)  
Old 19th November 2012, 02:30 PM
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Quote:
Originally Posted by emmanuel ewumi View Post
However, the news may not be too pleasant to private developers, who have acquired hundreds of hectares of land in the area, especially around Papalanto, but the government has promised that those with genuine papers have nothing to fear


According to the Special Adviser to the Governor on Land Matters and Director-General, Bureau of Lands and Survey, Mrs. Ronke Sokefun, those with valid documents will be paid compensation, while the government will excise existing settlements in order for the indigenes to maintain their heritage.
You see!

Now people have bought land from others and maybe those in govt. but another govt. has come and change plans. What valid paper will they bring? What would make it valid? By going to the lands & registry to get approval?
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  #1197 (permalink)  
Old 19th November 2012, 02:33 PM
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Originally Posted by emmanuel ewumi View Post
On the allegation of neglect by Riverview estate residents against Ogun State Government, especially on the non-provision of the needed infrastructure, despite paying charges for the provision of certain facilities, such as drainage and roads, the DG said government has many things seeking its attention than the issues at the estates
And that is the same thing that would be said when the next govt. comes in. Everything changes! They(new govt.) need to go with the trend--Making money from the masses!
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Old 19th November 2012, 02:38 PM
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Quote:
Originally Posted by emmanuel ewumi View Post
But you guys collected development and infrastructural levies from subscribers yet you failed to deliver.

The government of Gbenga Daniel equally asked subscribers to pay additional illegal fees, yet facilities were not provided.
Government can be very irresponsible.
And that is why the new scam is advertise an undeveloped area, people flock into it and when govt changes, everything would be reversed.

People are surcharged for drainages, roads and other facilities but they don't see. A new govt. comes and that becomes story. why? There is no proper record. It had never existed. It was a scam from day 1!
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Old 19th November 2012, 02:40 PM
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Originally Posted by emmanuel ewumi View Post
Government is more interested in the hundreds of billions of Naira that will be raked in from land ratification process.
You guys in Ogun are really learning from Lagos. Levies and fees from land and property in Lagos, is just like revenue from crude oil in the South South region.
and will this be the last ratification? Who knows what they will call it in 20 years to come? ''CATification''
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Old 19th November 2012, 02:53 PM
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Quote:
Originally Posted by emmanuel ewumi View Post
In that case you might not get land, even when you buy from government you will still need to process your title.

Government can also revoke title to property for overriding public interest. How did Jakande get Anglican, Methodist, Baptist and Catholic land in the early 80s. He said the land were taken over in public interest.

Govt is generally greedy, a friend paid for a government land in Ikorodu in 2006, as we speak the guy has not seen his land.
And that is why Title deed should be a nationally accepted document! It should be nationally recognised document! It should be given to you at the point of payment in the presence of the seller of the land or house! Title deed should be timely in processing! How can you pay very fast but the document you paid for comes out after years?

Govt. is not greedy. People are just gullible! Someone in govt. wants money and people are falling for it. In PH, people will sell lands and there will be no road to enter. Later another govt. will come and tell people to donate land for roads. If you don't, they will forcefully destroy the portion of your house that they have marked. I just laugh! How can you have drainages in such a place that is not planned! Later the residents in these areas will come together and tax themselves to build road, drainages, provide security and street lightings. Sometimes they put gates on streets in the name of guarding against thieves. They forget that there could be fire and the firemen would not access the street because the gates are under locks and keys!
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