If you have land in Ibeju Lekki Read This
Governor Babajide Sanwo-Olu has ordered full excision on all untitled lands in Ibeju Lekki with the aim of tackling the problem of land grabbing in Lagos State. This is a welcome development as Lagos State has not given fresh excision since the time of Governor Babatunde Fashola.
Sanwo-Olu gave the order at the Lagos Real Estate Market Place conference and exhibitions organised by the Lagos State Real Estate Regulatory Authority (LASRERA) at the Eko Hotel and Suites, Victoria Island on Tuesday December 7, 2021.
The governor’s directive on excision is seen as a turning point in land administration in Nigeria’s commercial capital, as it will enable the government to carry out documented delineation on communal land and land owned by families. At the end of the exercise, the issues of land grabbing by thugs working for landowners should be curbed.
Being a coastal state, land remains a limited asset in Lagos. Over the years, the activities of land-grabbers have created an unpredictable climate in land acquisition in Lagos, robbing private real estate investors and individuals of fortunes.
According to Sanwo-Olu, a technical committee would be set up to fine-tune the framework for the excision process on untitled land, with the objective of granting Certificate of Occupancy (C-of-O) to landowners for transparent sales of the asset.
The governor condemned an effort by state officials to frustrate and sabotage the full take-off of the state’s Enterprise Geographic Information System (e-GIS) project initiated to automate approval of land surveys and allocation titles in one talk shop. Issuing a warning, he said he would be ruthless in purging out saboteurs in the government.
“One of the issues we are working on is the ownership of land. There is a large parcel of land across Lagos that doesn’t have the government title.
“It is to announce to this gathering that I’ve made up my mind that we are going to do excision for untitled land. This process will kick off next year and we will set up a committee whose composition will represent all traditional divisions in Lagos. With equity and fairness, we will yield proper titles on all the land, so that the issue of land grabbing can be reduced to minimum.
“We will also be carrying out genuine reform in our Survey Department. We need to have our e-GIS platform up and running after 10 years that it was initiated. I’m expressing my disappointment in some government officials sabotaging these efforts. I will look for the culprits and I will be ruthless in meting out punishment. I will ensure these saboteurs have no place in my government.”
What does this mean for investors?
There are several implications from this news but a few of them are listed below
- The days of cheap and affordable land in Ibeju Lekki are coming to an end: This is largely due to the fact that the title on a parcel of land is a primary driver of its price, as the process of obtaining excision is costly. For instance, a parcel of land with an excision title along Igbogun in Ibeju Lekki is currently selling for as little as 4 million per plot, while Avalanche Park Estate, which will profit from this new directive, is currently selling for as little as 1.2 million per plot.
- Large ROI for early subscribers: Clients who bought Avalanche as low as 800,000 in 2020 will be the largest beneficiaries as once the land is excised, the value will shoot up to as high as 4 Million per plot. a 400% profit in less than 2 years.
- Commencement of Construction: An approved building plan is one of the prerequisites for commencing any construction project in Lagos, and if you don’t have one, your structure would most likely be demolished. Your land must be excised in order to receive this approved building plan. This will bring a slew of new construction projects to Ibeju Lekki.
This is good news for investors who have already acquired property in Ibeju Lekki but bad news for investors who are still dragging their feet. Will you wait till there is no affordable land or will you contact us today to acquire land at Ibeju Lekki? SEND US A MESSAGE NOW!!!