Homes & Property

October 13, 2020

Real estate: Why Lagos State’s losing income ― Expert

By Kingsley Adegboye

The Managing Director of Property World Africa Network ( PWAN) Plus, Business Concerns, a subsidiary of PWAN Plus, Julius Oyedemi, has noted that until Lagos state government regulates its burgeoning real estate sector, it will continue to lose the huge income from the sub-sector.

Oyedemi who expressed the view while supporting the state government’s recent expression of intention to regulate the real estate sector, said “It is a dream come true, a good one.

“You cannot overlook the real estate industry in Nigeria, especially in a place like Lagos where we have over 20 million people occupying the land space.

“There is huge housing deficit. I learnt from a reliable source that real estate is contributing a little to the GDP of Lagos state”.

He, however, added that if there is proper regulation of what he described as “The robust activities of estate developers in the state, real estate contribution to the state’s GDP would definitely increase far and above than what it is currently obtainable”.

He believes that the current performance is infinitesimal; and attributable to poor data collation regarding real estate activities and players in the state.

According to him, “What this regulation will do is that the state government can collate the data of all players in the state, to improve the state’s revenue generation from the real estate sector.

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“For me, it is a welcome development, because it will stimulate a rapport between the government and the stakeholders, who are the private developers. If both parties are not coming together things may not go in the proper direction”.

The real estate expert also expressed some worries saying, “Our own expectation is that government should do it without being biased. They should do it well and give the necessary support because we also have our own complaints.

“We have our itches, we have our disturbance, we have the taxes, omo oniles, title issues and all of that. So collaborating with private developers is a welcome idea because this will help in the smooth running of real estate affairs of Lagos State”.

Oyedemi added that his own concern is primarily to see the real estate industry that is working in the right direction. “If we can’t develop Lagos in the right way then whatever the certificate issue is, it is irrelevant”.

Performing the groundbreaking of Cedarwood Luxury Apartments and Terraces, Nigeria’s gospel music icon, Pastor Nathaniel Bassey, eulogised Oyedemi, describing him as a Christian brother who takes special interest and care in other people’s business with a high sense of responsibility.

Oyedemi said the groundbreaking event was a special day to PWAN Plus Business Concern.

“As you can see, there are a lot of people, buyers and realtors are here to witness the groundbreaking. You can also observe that a client is already building and quite a lot is happening.

“This is the beginning of a new dawn for us; another record-setting in reducing housing deficit”, he explained.

Cedarwoods Luxury Apartments and Terraces which is located at kilometre 35, Ajayi Apata Town in Sangotedo area of Lagos state, sits on 10,500 square kilometres.

“The estate consists of 18 units of terraces, 32 units of apartments, 16 units of one bedroom apartments, 16 units of two-bedroom apartments and eight units of three bedroom terrace buildings.‘‘

“What we are building here are apartments and terraces and our apartments are very affordable. We also have few serviced plots here and for those who want to build their own homes, the option is very limited.

“It is actually a turning point because it is shooting us into the real deal, taking us into fulfilling our vision which is making homeownership a reality.

“Now, we are building it, we hope and we know that this will serve Nigerians really well. As I said, we are very affordable because we want people to own homes without stress”,  PWAN Plus boss explained.

He added that the location is a luxury environment, and whatever is coming up there is luxury, pointing out that “While we are not competing with anybody, we are trying to create a class of luxury here.

“We are not trying to beat what somebody has done, we just want to make this place functional, habitable and suitable for the residents. Like you can see the marking out of roads is ongoing.

“We are going to have a recreation centre, sports centre, facility managers, good drainage system, lighting and standard security.

Vanguard News Nigeria.