To avoid a backlog of land registration applicants this period of the COVID-19 pandemic, the Lagos State Government introduced a dropbox facility at the collection centre of the Land Bureau where applicants can include application and supporting documents in an envelope containing their phone contacts and email address.
This new system was announced on the 20th of July, 2020 by the Permanent Secretary of the Lagos State Lands Bureau, Mr Olabode Agoro, at a webinar on: “COVID 19 Disruption and Land Title Administration in Lagos State: Preserving the Business of Real Estate”. He mentioned that:
“Upon submission of the envelope containing the application and supporting documents, a file number is given for tracking the application and a team of dedicated officials at the Bureau would proceed with the processing of the application. The team [will] contact the applicant where documents are outstanding…. The Bureau has [also] limited the number of persons allowed at a time into its customer service centre to use the dropbox.”
A critical stage during land documentation is the application for the Governor’s Consent at the Land Bureau. This is done to confirm the transfer of ownership of the land. After the Governor’s consent has been obtained, the applicant can pick up the document with proper registration details at the Land Bureau and complete the land registration process with an exchange of contract.
Real estate firms that offer affordable housing in Lagos
A major strategy they use to attract the middle and low-income class of the market is that they have flexible payment plans that suit every lifestyles.
It is almost impossible for every potential and existing homeowner to miss the screaming billboards, flyers, sales agents, and other aggressive marketing tools of real estate firms in Lagos.
They usually attract attention by listing how their offerings are better than others, and why their houses are the best for their prospective clients. A major strategy they use to attract the middle and low-income class of the market is their flexible payment plans that suit every lifestyle.
Their target locations are within the Lekki-Epe corridor, Ibeju-Lekki, Magodo, and Badagry, among others.
Let’s take a look at some of the firms and their offerings:
Green Park offers a down payment as low as N500,000 and a monthly instalment of N100,000.
The company, which is the investment arm of Lagos State Government, offers a range of house types from semi-detached, to terrace, three-bedroom, two-bedroom, and studio apartments.
It promises, “Guaranteed 6% mortgage with the National Housing Funds. Bigger rooms and spaces compared to any estate in its category.”
Lekki Gardens has a lot of real estate structures such as luxurious apartments, duplexes, detached homes, and commercial centres. The company is keen on maintenance in order to keep up the standards of the estate.
The real estate firm sells a 4-Bedroom terrace duplex for N32 million (asking price) at its Lekki Gardens Estate Phase 3, by Lagos Business School.
- Serviced estate
- Coordinated security
- Serene environment
- Good neighbourhood
Houses in the estate are mostly 3-4 bedroom terraces and were initially sold for ₦13.5 million (regular terraces) and ₦14.5 million (corner piece).
Its Flourish Residences in Sangotedo are positioned strategically on Monastery Road, directly opposite Lagos State Jubilee Homes. The estate is also surrounded by many other gated estates and has the popular Shoprite mall right on the same road.
While its 3 bedroom luxury flat with maid’s quarters goes for an outright price N28 million, the 4 bedroom semi-detached terrace duplex goes for an outright N40 million.
Also, the company’s Royal Haven Garden, Agbowa-Ikorodu, is located close to the approved 4th Mainland Bridge, linking Ikorodu to Lekki/Ajah axis.
- 2 Bedroom Bungalow (Carcass)
Outright Price: N9 million
- 4 Bedroom Bungalow (Finished)
Outright Price: 9 million
- 3 Bedroom Bungalow (Carcass)
Outright Price: 10.5 million
- 3 Bedroom Bungalow (Finished)
Outright Price: 10.5 million
Beechwood Park Phase 2 by Mixta Africa is located along the Lekki- Epe expressway and boasts of amenities such as on-site laundromats, recreational centres, easy access to financial institutions, reliable healthcare, good schools, and shopping malls.
The company’s plan 1 expects clients to make an outright payment with a 5% discount on price at N22 million.
In plan 2, which has an 18-month payment plan, clients are expected to make a 20% initial deposit and pay the balance over 18 months. The total cost is N31.69 million (for a 3 bedroom home).
The instalment payment plans offered by many of these real estate firms are making homeownership more affordable and accessible, particularly to individuals in the middle class.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Okomu Oil proposes dividend worth N6.7 billion for shareholders.
- Ardova Plc confirms appointment of Oladeinde Nelson-Cole as secretary.
- Cadbury Nigeria Plc set to hold 56th Annual General Meeting (AGM) on June 16.
- FCMB Group Plc appoints Muibat Ijaiya as Director.
- Afromedia Plc reports a loss after tax of N27.3 million in Q1 2021.