Real estate firm launches buy-back scheme to tackle housing deficit crisis

In a move set to revolutionise the real estate investment landscape, Gtext Lands has unveiled an innovative buy-back scheme.

This groundbreaking initiative empowers investors to sell their previously bought plots of land to the company with the assurance of a guaranteed return on investment (ROI).

Gtext Lands, a subsidiary of Gtext Holdings, in a recent chat, said that it launched the buy-back plan to promote transparency and professionalism in the real estate sector.

Dr Stephen Akintayo, Chairman of Gtext Holdings, said at a press conference held in Lagos recently that the initiative will allow clients to sell back lands purchased from the company and that it would address the growing concern of clients confusing reputable developers with unscrupulous ones.

According to him, the buy-back plan aims to address the challenges faced by the company due to clients’ demands for immediate refunds.

He said, “We understand the economic challenges, but we are not a bank that can instantly refund payments.

“The action was taken to avoid situations that might stagnate the company’s activities. Through the buy-back plan, the company will refund defaulting investors and then look for customers who are willing to keep to the terms of the transactions.

“However, this is creating situations where you are slowing down on providing infrastructure on your estates because people are not paying up and inflation is eating up the value of what they ought to pay.”

The chairman said that as a structured organisation with diverse business interests, the demands for refunds could strain the company’s system and affect its public perception.

Akintayo stressed that the terms of the buy-back plan is a one-time opportunity for clients to return their lands and receive a refund, provided they submit the original documents back to the company within a 21-day working window starting from December 15.

He noted that the refund process would commence 120 working days after the original documents are received and will be processed in staggered payments.

Akintayo also disclosed that Gtext Holdings had refunded over N500 million to clients.

He said, “This is a significant milestone that demonstrates the company’s commitment to transparency and accountability.

“The company has also paid over $1 million to investors over time.

“We are committed to maintaining the integrity of our operations and ensuring the rights of our employees.”

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