By Olasunkanmi Akoni
Lagos State Government will soon commence the registration and issuance of title deeds to owners of houses in its housing schemes across the state,Â free of charge.
The initiative which is aimed at encouraging the owners to register their property and save them from the menace of fraudsters, among others. Making the disclosure at a Stakeholdersâ€™ meeting on Registration/ Perfection of Grant of Sub-Leases by government to housing agencies, the Senior Special Assistant to the Governor on Land Matters, Mr. Aina Salami stated that the initiative would save the owners from paying the various payment hitherto in existence.
At the meeting held at Alausa, Ikeja, the Governorâ€™s aide said the project would benefit mostly owners without registered title deeds in the last 40 years, who are parading only their letters of allocation which is described as a dead asset.
Salami who disclosedÂ that the project would come on stream within the next two months, added that the full details of the financial incentives would be released by Governor Babatunde FasholaÂ at the next stakeholders meeting scheduled for April. On commencement, he said, the registration processes would be commenced at the office of the particular agency in charge of the housing estate, where each of the house owners bought their houses.
Earlier in his welcome address, the Permanent Secretary Land Bureau, Mr. Gbenga Ashafa recalled that the Fasholaâ€™s administration on assumption of office in 2007 decided to embark on theÂ project by harmonizing the processes of perfection of sub-lease title document issued to allottees of housing units in government estate and encouraged allottees to obtain title deeds for their property and register same at the land registry. Ashafa said, â€œpresently, an applicant intending to process consent to subsequent transactions in the state will have to pay eight percent as consent fee, two percent as capital gains tax and two percent of the assessed value of the land as stamp duties fee and three percent as registration fee.â€
He added that the essence of the meeting was to get the owners informed on the need and benefit of obtaining legal title documents to their property and registering same at the Land Registry, stressing thatÂ concessioning was envisaged to last for a period of three months.