₦airaland Forum

There are a lot of land terminologies we come across and hardly know what they mean.

I will be sharing a few of them here and I trust that the next time you come across them you will have a better understanding of what is being communicated.

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A cornerpiece plot is located at a road intersection and has border with at least 2 access roads.

Cornerpiece plots are desired for several reasons, for example a cornerppiece plot is the best to show off your architectural masterpiece.

It also offers easier access, and works better for commercial establishments. In addition, cornerpiece plots are usually allocated with some extra land as setbacks for the roads.

As a result of these, cornerpiece plots of land tend to be more expensive than others in the same location.

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Setback is the minimum distance which a building or other structure must be set back from a street, road, river, stream or shore.

If your land is located next to an access road or water body, the setback is the space you must give when building.

Setbacks are set by state and local governments. If your land is in an estate, there are likely to be setback rules that apply to as well.

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In planned estates, there are specific plots designated as commercial plots and in which all commercial establishments within that estate must be established.

Commercial plots are usually located close to the main entrance, along access roads and on cornerpiece plots.

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Most lands in Nigeria are residential lands, but there are also specific commercial zones in which no residential buildings are permitted.

Mixed used lands bring the best of both worlds helping the landlord to be flexible in his land usage.

A landlord with a plot of mixed use land can choose to construct a block of flats as a residential building, or a shopping complex as a commercial building. But he could also choose to combine both residential and commercial spaces within the same building.

found this helpful? Kindly do well to hit the share button

I will be glad to share other ones in my subsequent post.

© Olubusayo Akin-Akinbode
Real Estate and Investment Consultant

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