Posts in category "news"

Save us from land grabbers, Aiyeteju community urges Fashola!

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Seeing the possibility to break the endemic rising housing challenges, which Nigeria and her populace is currently wallowing in, construction industry experts and stakeholders have again called on the government to pursue a multi-dimensional approach towards solving the problem.

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AMID the new political administration envisaged in Lagos and Ogun states, experts are already predicting better days for urban planning, especially within the mega city project areas.

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The controversy surrounding the sale of the 37-storey NITEL building took a dramatic turn recently with the revelation by the liquidator of the NITEL/MTEL Pension Fund, Olusola Adekanola, that the board of NITEL approved the sale of the head office building – NECOM House. Adekanola, in a statement from his media and communication consultant, Kazie Uko, revealed that the list of NITEL’s non-core assets that were transferred to NITEL/MTEL Staff Pension Fund was prepared by a team of professionals working with NITEL management.

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The 1004 estate in Victoria Island, Lagos offers home seekers decent accommodation with basic facilities and simple luxury like a swimming pool. 800 two and three bedroom flats (80%) of the 1004 flats in this estate entered into entered the Victoria Island market almost the same time in October 2010 with very high rent tags which market analysts viewed as unrealistic in the circumstance. Apparently responding to the credit crisis in the financial system however, landlords of the various flats at the estate have slashed the rents considerably. A two-bedroom flat which was ₦2.75 million per annum now goes for ₦1.7 million per annum. Three-bedroom flat have come down from ₦3.5 million per annum to ₦2.2 million per annum.

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Negris Group has launched an ambitious plan to build a 10 story building head office complex within the Central Business District in Ikeja Lagos. Christened Victoria Towers, as it is called, will be located along Mobolaji Bank Anthony Way, few minutes drive from both the international and local airports and Alausa, the seat of the Lagos State Government.

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Property prices are expected to increase following the commencement of an Insurance Act that makes it mandatory for property owners or contractors to insure buildings with more than two floors in respect of construction risks. The enforcement of this law commenced on the 1st of March.

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In light of the ever increasing pressure to provide decent and affordable housing, the Lagos State Government has established a mortgage finance system to aid Lagosians acquire homes. The scheme, known as  the Lagos Home Ownership and Mortgage Scheme (HOMS), will afford first time home buyers resident in Lagos State the opportunity to own houses. The scheme will also facilitate the creation of long term sustainable wealth for the Lagos state government.

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Experts within the real estate industry expect the value of property in Surulere, Lagos to increase following the delivery of some major development schemes by the Lagos authorities. These projects include the Gbaja Shopping, Mall, the upgraded Adeniran Ogunsanya Street and Adeniran Ogunsanya Shopping Mall, amongst others.

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