The state administration of Lagos has revealed that buildings that are demolished along the 700-kilometer Lagos-Calabar Coastal Highway without a physical permission approval from the state would not be eligible for reimbursement.
During his speech at the Association of Real Estate Agent in Nigeria Summit, which was held in the state, Oluyinka Olumide, the commissioner for physical and urban development for the state, made this statement.
According to Daily Trust, there has been debate about the Lagos-Calabar beach project because of the planned building demolition.
“We are planning the coastal road from Lagos to Calabar; some houses will be affected,” stated the Commissioner. It is impossible to overstate how important a permit is since without one, you are not able to get paid.
They know because they have been well instructed. It’s unfortunate that individuals without titles and approval won’t receive compensation; those who do, however, will receive compensation.
After we’ve notified them, the next step is for those who are entitled to payment to get in touch with us and let us know how much their payout will be. He continued.
The commissioner also said that the state government intends to meet with commercial banks in order to insist that loans be approved only on the basis of land titles and that a physical planning permit be attached.
We’re going to take our interactions with the banks very seriously. The authorities states that such properties must be registered in order for you to receive your loans; presenting your titles alone is not sufficient,” he continued.
In order to do the right thing, he said that the government would launch an amnesty program for property owners who had completed their properties without a permit.
“This month, the amnesty program will begin for individuals who have finished their properties and are utilizing them as a place to live, but do not currently have a valid permit.”
“Just get your own consultant, and when you bring those drawings forward, we’ll get planning permission for those properties,” he continued.
In his keynote speech, Emeka Eleh, the former president of the Nigerian Institute of Estate Surveyors and Valuers (NIESV), expressed disapproval at the increasing prevalence of hoax in the real estate industry.
Speaking on “Building Enduring Partnership For a Future,” he stated, “I am glad that AEAN is changing that because the goal is to have a central body where agent in Nigeria registered. Rising from poor regulation is the issue of quackery, the fact that we have many untrained practitioners, and unfortunately the real estate agency business is an all come, easy come, easy go.
A supportive atmosphere for practitioners was promised by Governor Babajide Sanwo-Olu’s Special Advisor for Housing, Barakat Odunuga-Bakare.
“As a Professional Body, we must restore investor confidence, particularly for those in the diaspora. Relevant professional bodies in the industry must address the issues of fake/dubious practitioners,” he stated.