Lagos Set To Unveil New C-of-o - Properties - Nairaland
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| Lagos Set To Unveil New C-of-o by Nobody: 2:29pm On Dec 31, 2010 |
[b]The Lagos State government is set to introduce a new Certificate of Occupancy (C-of-O), an initiative which is expected to further boost the booming property market in the state. According to the Permanent Secretary, Lagos State Ministry of Lands, Mr. Gbenga Ashafa, having realised that integrity in the C-of-O would boost investor confidence and thereby substantially encourage investment in the real estate market, the state government has initiated moves that will lead to a complete computerisation of the process of issuing the document. It is with this in mind that the government is introducing a new Certificate of Occupancy. In this regard, the government commissioned the world renowned security paper expert, DeLaRue UK Limited to specifically manufacture a highly secured paper for the new Lagos State C-of-O. The process to be utilised in issuing the new C-of-O will be completely computerised and automated with distinct security levels on each authorised user of the system and full audit trail of usershe stated. In a statement credited to Ashafa while speaking at a recent forum for Lagosians and Nigerians in diaspora, in London, he said that a new consolidated law on land title registration would soon be enacted, while the procedure for transferring real estate was being constantly reviewed to reduce cost, eliminate delays and ensure transparency. He noted that the reason behind the continuous appreciation of land value is the insatiable demand for land for residential, commercial, industrial and recreational development Ashafa noted from available data that land value has grown astronomically by about 2,000 per cent over the past 10 year period spanning 1998 to 2008. He revealed that a square metre of land in Yaba commanded a value of N5,000 in 1998, but the figure had risen to N50,000 per square metre 10 years after. Similarly, a square metre of commercial land in Apapa with a value of N18,000 in 1998 now goes for N200,000. Also, between 1999 and 2002, a square metre of land in Ikoyi/Park View commanded a value of N30,000 to N45,000, whereas it has appreciated to N80,000-N95,000 between 2006 and 2008. In the same vein, the rental and capital values for semi-detached/detached houses in Ikeja GRA in 1999-2002 were N850,000-N2m and N20m-N35m respectively, whereas, they jumped to N4.5m-N6.5m and N100m-N400m from 2006 to 2008. For the Lekki area, the capital value for a semi-detached/ detached house for the period 1999-2002 was N50m-N85m, but rose to between N300m and N500m in the period 2006-2008. Rental value for the same period experienced a similar pattern moving from between N750,000 and N1.2m to N3.5m and N5m. The official said that a number of factors were responsible for the steady appreciation in value, including the fact that the government had ensured that all rights and interests in land validly acquired under the appropriate regulations were secured and enforceable.- Vanguard[/b] |
| Re: Lagos Set To Unveil New C-of-o by Nobody: 10:30am On Jan 01, 2011 |
thought this isnt bad, will secure land buyers from fake document agents and co. |
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