Experts calls for land transparency to curb re-possession
Ayobami Alo who is the Founder of ElanOrris Real Estate Company, in this interview with The Guardian Newspaper, speaks on mortgage opportunities in Nigeria.
Speak on mortgaging opportunities available in Nigeria real estate sector?
The Federal Mortgage Bank of Nigeria is now cooperating with mortgage institutions to make accessing this facility easier, as long as the institutions have can provide affordable housing to low and middle-income earners. These mortgage institutions also are partnering with private estate developers to ensure mortgage loans are easy to get. However, to obtain mortgage loan, income and age of the intended buyer are two vital factors that would be considered.
In addressing the population gap in Nigeria, what are the solutions and possible threats of population explosion to housing in the country?
Increasing population is what every growth-intended country prays for because it helps boost the economy. Housing being one of the three most important things to human beings must always be on the budget and there must be improvement every year. However, the challenge with Nigeria is the fact that only a few states are improving in this regard while others are lagging behind. Federal Government should make life most interesting in this country by committing more to low-cost housing.
How can Lagos state achieve affordable housing to low income earners looking at the economic situation in the country?
The truth is that the state government cannot do it alone. It was quite achievable during the regime of Late Alhaji Lateef Jakande but the population of the state has gone high massively, therefore, partnership with genuinely reputable private estate developers is a subtle way of achieving this feat.
What basic information does one need to acquire a property in Nigeria?
No matter what anyone knows about property acquisition, they must consult their lawyer and surveyor. To make it easier, find a reliable Estate Development Company like Elan Orris Real Estate Ltd to make life beautiful without regrets.
How can a land developer navigate the various levels of taxation, especially during building construction?
These are statutory charges, they cannot be escaped. An educated developer knows that government must be given what belongs to her.
What is the National Association of Realtors (NAR) doing to prevent threats in the industry?
REDAN and LASRRA are working jointly to ensure real estate practice is done the right way in Lagos. REDAN is doing the same in Ogun and Oyo State, Abuja has it’s chapter as well. With the right support from federal government in terms of awareness and sanctions, we will strike fraudulent acts in the industry.
What is the sustainability of property developments in recent times, looking at land repossession and building collapse?
As a country, we must first stand for quality and honesty. If government is honest and open to the public about land under acquisition, committed or free, many people will not fall victim of repossession. Also, if we stand for quality, the problems about collapse of buildings will reduce drastically, if not stop totally. The countries that are ahead of us today, stand for quality and they have buildings which are over 50 – 100 years old still standing strong.
What ways does ElanOrris use innovation to restructure the real estate industry in Nigeria?
Though we are a young business, we have gone to places nobody dares go to, emerging locations to actualize the same luxury concept that bigger and older companies are doing in high-brow places.
How can the government address challenges in the Real Estate industry?
Through provision of land by partnership or outright sale to estate developers, easy access to mortgage facilities, industry education and quality control.
What solution can government implement for people who live on the streets or bridges?
Government should provide affordable land for private players in the industry with the spread-of-payment window. These developers can in turn build affordable homes with affordable rent. Three or four people can jointly rent a small unit, just to have a room over their heads at night and go about their businesses during the day. The degree of public nuisance constituted will fall gradually.