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What Tenants Do Not Know About Lagos Monthly Rent

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What Tenants Do Not Know About Lagos Monthly Rent January 2022 when the proposed Lagos Monthly Rent conspires is wanted to begin is here, yet the energy that ought to welcome such a plan is not yet clear. This might be incomplete in light of the fact that a considerable lot of the occupants don’t have the right data on the way in which the plan will serve their requirements. Past the declaration that tenants in the state would never again be paying advance rents and that the state government has saved N5 billion for the scheme, forthcoming recipients don’t realize that yearly lease actually stays however with much alleviation. What tenants need to know, according to Debo Adejana, chairman of, Real Estate Developers Association of Nigeria (REDAN), South-West zone, is that the state government is going to create a body that would be working with the private sector to implement the scheme. Adejana, who quotes the state governor, Babajide Sanwo-Olu, explains that prospective tenants would be seeking and obtaining a one-year loan from the new body with which they will pay their landlord’s one-year rent, but repays the loan monthly. “This is the information that is not available to everybody and I think the government needs to find a way to communicate this well to the people because this is a laudable scheme that, in my view, is the way to go,” he tells BusinessDay. “What the scheme simply means is that somebody is going to pay on behalf of those who need houses to rent but cannot pool together all the money needed for one year’s rent at once,” he states. He notes that the money to be repaid won’t be the same as the money borrowed as there would be interest and other charges, but because it is the government’s social program, the charges are not going to be as high as what obtains in an open market. Another good side of the scheme, he discloses, is that a portal would be opened where tenants could go to search for rental properties of their choice. The portal would also be open to landlords who might wish to place their properties there for rent. Tenants who are interested in the scheme, which will be starting with the formal sector, must be registered residents of the state and must be up-to-date in their tax obligations to the state. READ MORE: 5 PLACES VERY RISKY TO BUY LAND IN LEKKI The Lagos State government, late last year at the Lagos Real Estate Market Place Conference and Exhibition, announced that it would be implementing a monthly rent scheme starting from January this year. Toke Benson-Awoyinka, a special adviser to the state governor on housing, explained during a discussion on Rental Policies at the event that the new initiative was a social investment scheme initiated by the state government to ease the burden of yearly rent payment on residents. Arguments against the scheme for which the state government said N5 billion had been set aside, are that job security in the country is not guaranteed; there are no government’s alternatives that tenants could resort to, and that the scheme could discourage investment in housing in the state. But Moruf Akinderu-Fatai, the state’s commissioner for housing, dismissed these fears, assuring that the government would protect the interest of investors, tenants, and landlords and would guard against payment default or abuse from tenants. “There is a system we are working on to make sure that the tenants, landlords, and our private sector partners in this scheme are protected,” the commissioner said at an interactive session with property editors. Continuing, he assured, “aside from talking to the private sector and investors to see how they can help, we are also doing our part alongside our partners who have the same interest because not everyone can buy a house.” The monthly rent scheme is part of efforts by the state government to solve its huge housing problem. Lagos is an active rental market where it is estimated that 60 percent of its population live in rented accommodation spending about 50 percent of their income on rent. Apart from its own developments, the state also partners with private sector players, all in an effort to reduce its housing deficit estimated at 3 million units.

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5 Places Very Risky To Buy Land In Lekki

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Landownership is one of the most empowering investments an individual can make. Being a landowner presents its own unique set of benefits, responsibilities, and challenges. This blog will help you gain insights on where not to buy land in Lekki. Make sure to check back regularly for the latest land expertise! From Real Estate, Oil and Gas, and Construction to commercial/residential land/houses, Petik Limited is your one-stop-shop for Real Estate expertise. If you happen to be a landowner interested in buying, selling, or investing in land, make sure you read till the end and keep a tab on our Newsletters and Blog. 5 PLACES VERY RISKY TO BUY LAND IN LEKKI SANGOTEDO VILLAGE ETI-OSA Eti-Osa Local Government as it is today has its secretariat located at Km 15, Lekki- Epe Expressway in Igbo- Efon Village, in the eastern region of the senatorial district. Eti- Osa Local Government formally has its Headquarters at 24, Glover Road, Ikoyi before the creation of Local Government from Twenty(20) to Fifty-Seven (57) Local Governments under the then Governor of Lagos State, His Excellency, Asiwaju Bola Ahmed Tinubu, but because the creation was not constitutional, it was reversed back from Fifty-Seven (57) to Twenty(20) Local Governments and Thirty-Seven (37) Local Council Development Areas(L.C.D.A). So the secretariat was moved from 24, Glover Road, Ikoyi to Km 15, Lekki- Epe Expressway, in Igbo-Efon. Sangotedo is a very popular place in Ajah-Ibeju Lekki and its housing is affordable for middle-class citizens. Most of the lands there are generally good lands. with its own Excision and they are drylands but there are some areas that have been zoned for a Government scheme. Most people are not aware that the land is a Government scheme and because they want to become a landowner in Sangotedo probably because of the price, they have unwittingly purchased committed lands. It’s advisable to triple-check if you are buying a property in Sangotedo to make sure it is free from government acquisition and land disputes. But not all the land in Sangotedo is bad, all you have to do is when buying land there, buy from a credible real estate company with good track records such as Petik Limited, and also do a check from Alausa. IGBEKODO VILLAGE IBEJU LEKKI Igbekodo is a very lovely place in Lekki to be precise Ibeju-Lekki and has an approved excision and this means “it’s a method by which state governments release parts of the land to indigenous peoples or settlers by lawfully approved protocols and processes. The method of land excision is a means for the government to compensate the original landowners since the Land Use Act was enacted”. The land is very dry and not too far from the beach. There are so many people who have bought land there as investors hoping to resell in the future but it has come at a heavy price. Igbekodo is one of the most notorious places where you would find land fraudsters reselling people’s lands with impunity. Once you buy land there and you don’t fence it immediately, be rest assured within a month your land would be sold to another unsuspecting person. Arrrr this place is brutal and will deal with you once they smell you are weak or a novice when it comes to land transactions. But you may likely not experience this if you go through the right Real Estate company like Petik Limited. OLOKONLA VILLAGE ETI-OSA Olokonla is a very popular place within the Ajah Environs and Ibeju Lekki. It is also a housing area for middle-class Nigerians. Because of this, it’s not out of place to see Olokonla properties everywhere for sale but what most people don’t know is that the proposed 4th Mainland bridge goes through many of those lands there and we all know what that means probably another longest bridge in Africa lol. OKEGELU VILLAGE IBEJU LEKKI The above search report is very explanatory. If you intend to purchase land from Lekki Golden city and its immediate environs in Okegelu city Ibeju Lekki, please conduct a thorough search on that particular land you want to buy to know if you are buying into the part that has an excision unless you want to face the Lagos state government. KAIYETORO VILLAGE IBEJU LEKKI Kaiyetoro village is another lovely place in Ibeju Lekki with its own Excision that has attracted a lot of investors but the sellers of land there, specialize in selling people badlands that are committed, especially lands the government has set aside to build housing schemes. During our researches, we found out that some parts of Kaiyetoro fall within the proposed IBEREKODO GOVERNMENT SCHEME this simply means any property found there would be demolished by the government, and the land seized with no compensation. In all before getting land in Lekki please do a deep check and consult a reliable Real Estate company like Petik Limited or you might end up losing your money acquiring these lands and incur the wrath of the Lagos State Government for buying a Land that is not supposed to be sold to the public.

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Epe Land; Why Do You Need To Invest There ?

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Epe, situated North side of the Lekki Lagoon and less than 100km away from the great city of Ibadan, and the strategic location of the town gives it the advantages of a Gateway City. The Town promises to become the Residential capital of one of the largest emerging economic centers in West Africa which is the heart of the Lagos Mega City Project and this is because of her direct link to Ibeju Lekki. She also has the potential of serving as the Transit Hub of all other States in Nigeria that will be coming to do businesses at Ibeju Lekki as it is the only city with the closest link. It is the calmest place to live and do business in Lagos State and also boasts of good working infrastructures. Epe as a town is home to some of the prominent and most celebrated people in Lagos State, two past Governors of the State; Michael Otedola and Akinwunmi Ambode, Femi Otedola, Shafi Edu and a host of others can boast of the town as their home. There are locations called ‘The New Lagos’ because of the development that is being channeled towards those areas and Epe is listed as being among one of such places and this is as a result of so many factors and features found in the area and neighboring communities. The concentration of such great facilities facilitates the growth rate of every developing area and this is what is been witnessed currently in Epe. Do you often find yourself asking why you should invest in the new oil well of Lagos State? This is a good read for you then, as it exposes all the greatness that is hidden in the much-ignored Town. GREAT NEIGHBORHOOD; Epe town is particularly blessed with a great neighborhood that has played a reasonable role in the establishment of the community as a sort-after investment option. Epe Resort and Spa, Alaro Satellite City, the Lekki free trade zone, Dangote Refinery, the New Seaport and Airport, St Augustine University and also Lagos State University, Epe Chapter, etc are some of the notable landmarks that are driving civilization to the small town. The presence of such neighborhoods means the presence of people and where there are people, there is development. With so many developments currently centered towards the end of Lekki-Epe Expressway, a lot of individuals and corporate bodies are moving their Enterprises to the town as lands found there are quite affordable as compared to those seen on Lagos Island. The presence of all of these landmarks puts Epe at the top of the list when it comes to Land investment. AMAZING NATURAL FEATURES; Epe Town boasts of the Epe Resorts and Spa and also of their great craft in fishing with the abundance of fishes available in the community giving most of her residents a credible source of livelihood. The presence of the Lagoon in the town has played a great role in the industrialization of the town drawing in more revenue to the community from the commercialization of the water body, that is, the Epe Resort and their commercial fishing. These natural features have overtime increased the presence of tourist visits to the town opening up to the introduction of other businesses in that area, hence, making it a great place to invest in. AFFORDABLE HOUSING; Having a home or a property in Epe is way more affordable than having any in other parts of Lagos State. Are you of the middle class and looking for where to have a home of yours without having to spend way above your budget while still maintaining that Lagos lifestyle though in a calmer environment? Epe is your best bet. The costs of labor and production materials in the small town come at a cheaper rate as compared with other parts of Lagos. The expenses that will be spent in the construction of a four-bedroom terrace duplex in some areas like Lekki can be used to produce two of such houses in Epe, no here are the reasons; While most of the areas in Lekki are wetlands, Epe boasts of about 95% of her lands being dried. What this simply means is that while you spend so much trying to sand fill a plot of land in Lekki, the amount spent can be channeled to your building project in Epe. Building on a wetland means having to spend so much on the layering of the foundation but with Epe, the expenses spent on the Lekki land can cover the costs of raising the foundation level up to the linter level which invariably means saving more. Lekki as an Urban area in Lagos State is very busy, populated, and definitely comes with its high cost even as a resident or a commercial area. Building materials sold on this part of Lagos cannot in any way be compared with those sold in Epe in terms of pricing and delivery, this is as a result of the high fees often paid as rents for the offices/shops housing them. EXPONENTIAL INCREASE; There was a time people were begged to come and invest in the Lagos Island that everyone is clamoring to invest in now, those individuals that keyed into the vision only have sweet songs to sing about the wise decisions they made then. That circle is repeating now with the investments currently going on with Epe Town and at the rate, the community is opening up and with the various neighborhood encompassing it, Epe lands are estimated to increase triple their initial price in 3-5years, that is to say, a Land currently selling at two million now is estimated to have increased to 6-8million in few years to come. It is a known fact that one of the greatest investments to go into is investing in Real Estates, landed properties never lose value as compared to other pleasurable liabilities like Cars, luxury gadgets, and accessories, etc. While all of these are great, having an

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Smart City Estate Project In Enugu State

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Buy Off Plan Houses For Sale at Smart City Estate Housing/Property Project in Enugu State. Smart City Estate is located in the lion Business Park, 9th Mile Corner, Enugu State. Lion Business Park is in the only developed free Trade Zone in Southeast Nigeria. The Park Has provisions for international markets, Shopping complexes, Industrial Plots ( for industries, factories, processing), logistics park and Bonded container Terminal, Agro Park, Technology Park, Hotels, Convention centers, Schools hospitals, etc.

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