Why Lagos created new residential schemes, by official

Days after the Lagos State Government renewed its pledge to deliver more homes to Nigerians through its three newly created residential schemes, the state has given reasons, justifying the plan.

One, The Guardian learnt that, the schemes among other things were designed to discourage land speculators, whose activities have been hampering rapid development of the state.

Two, it is meant to stipulate development, which would ultimately lead to creating more housing products – springboard for spiral development within the areas.

Also, according to an official in the State’s Land Bureau, the schemes were developed to revive moribund residential projects in the state, many of which would soon be unveiled.

The official stated that it is part of the government’s strategy to ensure full implementation and success of the schemes, hence it restructure the schemes to be sold on an off plan and, or on a first-come-first-served basis.

The schemes, according to Permanent Secretary, are Safe Court Gardens, located directly opposite to the National Intelligence Agency Complex off Lagos-Badagry Expressway, Ijanikin, Treasure Park at Toga Toriokoh, Badagry, and Prince Court, situated at Monastery Road, Sangotedo, Lekki, which is 10 minutes drive from Ajay roundabout.

While Safe Court Gardens occupies 52 plots for residential buildings, each measuring 550sqm at N7.9m per plot, it has three commercial and two recreational plots at N14, 319 per square meter.

The estate’s proximity to the Republic of Benin makes it a major trade route between Nigeria and Benin. The ongoing Light Rail Project will further open up the area for business.

Treasure Park, to feature 103 residential plots, nine commercial plots and four recreational plots. Each residential plot measures 550sqm at N6.7million per plot while the commercial and recreational plot sell at N12,273 per square meter.

Also, Prince Court is planned to deliver 353 residential plots measuring 550sqm at N9.9million per plot. It has five commercial plots, five recreational plots and 12 institutional plots at N18, 000 per square meter.

Permanent Secretary, Lagos State Lands Bureau, Mr. Bode Agoro, had during a press briefing reiterated Governor Akinwunmi Ambode’s resolve to ensure the success of the schemes.

Agoro said the schemes, which were designed to be unique, exclusive, well managed with quality infrastructures to show government’s determination and willingness to provide sustainable property investment and renewed integrity, were carefully selected to ensure that allottees live in habitable, safe, serene and peaceful environment. He added that, the three schemes would be fenced and gated.

Speaking on its market strategy, Agoro said: “In another departure from the conventional method of allocation of schemes in the state, we have adopted the off-plan sales method in allocating plots. Payment for these schemes will be made in two installments. A prospective allottee will be expected to make an advance payment of 50 percent of the cost of the land. Upon payment, a provisional letter of allocation with block and plot number will be issued. The second installment of 50 percent will be paid within three months of the first installment with a guarantee to deliver the site with all necessary infrastructure within 15 months.”

But in the event of any allottee’s inability to meet the payment deadline, which is 90 days from the time of first payment,Speaking on the offer, Mr. Kayode Sutton, the Public Relations Officer of the Lands Bureau, said that the lands are being allocated through non-conventional means due to the limited number of plots available, hence the reduction in the size of residential plots to 550sqm.

He stated further that the “Off-Plan Basis” is adopted in order to attract early buyers that will enable the Bureau deliver the schemes at the stipulated time. He noted that the price may rise significantly when the government puts up the relevant infrastructure in the affected locations in 12 or 13 months’ time.

“We are designing it differently from the way we have been doing our schemes. You will pay only twice, so it’s not going to be a case where you leave it for years as we have here. This one, you pay half of it and by the time you balance up, you will get your plot and block number and within 30 days after submitting your tax clearance and other necessary documents, you will get your Certificate of Occupancy,” he said.