Lagos-based property firm, Messrs Richland Property and Homes Limited has called on states to emulate Lagos State government in the digitisation of land administration processes.
The state government recently launched its land administration e-portal system, which is a groundbreaking initiative that integrates advanced technologies into land administration processes. The automated process facilitates seamless processing of applications on land related matters.
The company’s Chief Executive Officer, Dr Ifeanyi Nwachukwu, who made the call while addressing journalists in Lagos, commended the initiative of the Babajide Sanwo-Olu administration, saying that such step benefits the real estate industry, make searches on land and processing titles easy for companies.
“Today, in the comfort of one’s office or home, one can conduct adequate searches on any property and even start processing the title documents from there,” he said. He also advised the Federal Government to intervene in the real estate sector to boost efforts to assist Nigerians become homeowners. According to him, the real estate sector is not insulated from the challenges thrown up by the rising cost of materials and services as a result of the current economic situation in the country.
Nwachukwu also urged Nigerians to invest in land banking as means to guarantee return on their investment (ROI) and store their wealth. According to him, investments in the Ibeju Lekki area have proven to be best for prospective investors. He said: “It is a rapidly developing area distinguished by its immense potentials for investments and development, as well as fast becoming a choice area for enterprising Nigerians to locate their homes and businesses.
“The area is strategically positioned to benefit from various government initiatives and infrastructural developments, such as the Lekki Free Trade Zone, Lekki Deep Sea Port, and other industrial projects. The area is also home to the Dangote Refinery with its vast network of business activities and thousands of staff, and equally the several ancillary businesses associated with petrochemical industries.”
Nwachukwu, who was recently conferred with Sun Newspapers award of the Businessman of The Year, said the company has been able to weather the problem of Omonile due to its policy of working and employing security guards, artisans and building materials suppliers from host communities in all its schemes.
“We take the trouble of the Omoniles off our clients and totally shield them from the menace,” he said.
He said prospective property owners in its estates will benefit from high ROI. He cited instances, saying: “Prospective investors can invest in any of our estates and get great ROI from 20 per cent (for 12 months) to 65 per cent (for 24 months). What this means is that when you invest in a certain square meter of land and hold it for a certain period, between 12 to 24 months, we will buy it from you and pay you both the capital and interest.”
