Investors in the real estate sector have cautioned the public against some individuals and firms, dangling juicy offers, promising land or housing for ridiculous amounts.
Speaking exclusively to the Nigerian Tribune on the antics of those he described as “phony developers”, John Ayeni, a property consultant, based in Ikoyi, warned the unsuspecting public to make the necessary inquiry before venturing into some of these projects.
According to him, “lands in Lagos and part of Ogun states are not so cheap that someone can just come into the air, or printing fliers, saying with as little as N10,000, subscriber will be owner of land in Lekki. Without having anybody in mind, I think it’s practically difficult to get a plot of land for N300,000 in Lekki or Shimawa, in Ogun State and I stand to be corrected.
“More than that, how can someone earning as low as N50,000 monthly would be able to part with monthly instalment of say N20,000 or N30,000 monthly for three years when he/she would be eligible to take possession of such land?”
Another developer, who spoke with the Nigerian Tribune on the condition of anonymity, while agreeing that nothing is wrong with promotion of business or goods, expressed doubt over some of claims incorporated into these promos.
“Even if one gets land at a ridiculous price, cost of documentation, survey and other aspect of title perfection is so enormous that make it difficult to sell land at give-away price. Perhaps, may be they are not in real estate to make business, but instead on philanthropy,” he said.
David Oloyede, another player in the industry, asked the government to “look into the activities of these developers, be ensuring that they are not playing a fast game on the unsuspecting public. My advice is that agencies of government, especially, Ministry for Housing, or land Bureau in Lagos and Ogun, two states that caught the attention of these developers should investigate the veracity of their claims.
“Nigerians are too trusting, but they are not stupid. Government will do well if the activities of ‘Land Promo’ developers are looked into before we continue to hear terrible stories. This warning became imperative in the face of the ridiculous extent these promoters of land go. Some are even saying an unborn child can be owner of land as if there is no legal requirement for property ownership where consent is very important.”
But official at the Lagos Land Bureau, who also decline to be identified said so far, the issue raised is mere allegation, adding that “as much as government would want to protect the interest of the public, it’s wrong to be looking at the activity of any organisation or individual, except allegation of corrupt practice or fraudulent activities are level against them.”