₦airaland Forum

kingdompropty:
What is Survey Sponsorship?

This in a Layman's definition means the process of registering a said piece of land with the constituted authority, in this case the state government's ministry of lands.

Why must a land be registered?

All lands in Lagos is under acquisition, thus you must go through the statutory provisions of registering all land before use.

Is it possible not to get registration for a particular piece of land?

Yes. Under acquisition arrangement, some portion of land well scattered across the state have been marked committed, therefore it is set aside for future use.eg. Free trade zone area, Airport area, Scheme and green areas etc.

How do I find out if a property is committed?

By simply engaging the service of a surveyor such questions can be answered and money saved. Many have got their fingers burnt by ignorantly jumping into committed lands and properties.

How does Survey Work?

Survey is simply identifying the total volume of land in a particular area.
E.g. Baba Lukman have always believed that his land size is 250acres for many years, after a while his son manages to convince him to survey, and the sought the service of a surveyor, also sought the service of a Financier and the went straight to work. On finishing the survey work, the discovered that the land was not more than 130 acres.

This takes us to.

Who is a financer?

This is the outsider,the partner or the person that brings the cash to support the surveyor work.

The financiers could be more than one depending on the volume of work.

I have done a few that I involved more than 3 partners.

How do I secure my stake?

By simply getting other stake holders to sign a simple MOU or DEED will take care of all that. A few more precautions which I put in place will keep you ahead in the transaction.

Are there usually bottle necks?

Yes. Like in all other businesses, there are also bottle necks in sponsorship transaction, but with due diligence and other precautions I mentioned you are good.

Some examples.
a. Committed Lands.
b. Dealing with wrong people.
c. Surveying an already done work. Contention.

d. Starting and not finishing a work. etc.

Cost implications for sponsorship.

Depending on the volume of the land in question, the cost ranges from between 2m - 20m it could be more depending on size.

The cost of surveying 10 acres is not same as 100 acres.

What are my benefits?

Depending on the volume of land recovered in the process of survey. Usually the surveyor, agents and financiers share among themselves one plot per an acre.

Example.
On surveying a portion of land we recovered 50 acres, what comes to us is 50 plots which will be shared in the following manner.

Agents , surveyor and others -40%
Financiers - 60%
. 100%


If your bargaining power is good, you can do 70%.

What is an acre?

An acre is 6 plots of land.

What is an hectare?

An hectare is 15 plots of land.

What is the size of a plot of land ?

The size of one plot of land is 60 * 120.

Why not outright purchase?

Outright purchase is good for non risk takers, but acquiring through survey sponsorship gives you a higher returns on investment.

E.g Outright purchase may cost N1.m , while survey sponsorship may come to 300k per plot.

To be continued.......

Kingdompropty is a real estate consultancy group that seeks to provide affordable property solution for all Nigerians rich or poor by combining integrity, efficiency, effectiveness and dynamism in real estate.

Email - nwagudavidmba@yahoo.com

Phone.- 08138323265.

nakamora:
Saraki should have known that Yoruba don't support criminality like the PDP/Biafra people even if you are there son.