Nigeria Needs Gazette to Improve Real Estate Investment – Expert

• Nigeria Needs Gazette to Improve Real Estate Investment

The Managing Director of BabsGbollys Properties Limited, Mr. Babalola Odunuga, has said that the signing of gazette applications will give investors more confidence to invest their money in real estate in the country.

Odunuga spoke while announcing the inauguration of the firm’s commercial advisory services, which will offer comprehensive commercial services, specialising in investment sales, landlord and tenant leasing representation and strategic asset positioning.

He said the gazette would also help in quick development in the rural communities.

According to him, the essence of a gazette cannot be overemphasized as the document authenticates what the community owns.

He stated, “When the gazette is readily available, a community can only sell land to people within those lands that have been excised to them and the community or family head of that land has the right to sign valid documents for such purchases.

“This way, you can easily get a surveyor to chart the site and take it to the surveyor-general’s office to confirm whether it falls within the gazette and spell out which particular location it can be found. It is advisable not to assume that the land is not covered by a gazette and purchase it without seeking professional help so as not to fall prey to people who may sell you land that is not excised to them.”

He said lack of basic infrastructure, such as a good layout, was another major challenges in real estate.

“These need to be in place for any community to attract investors,” he added.

Odunuga also stated that the government should look into the issue of land grabbing and create new laws to force the perpetrators out of the affected area.

He added, “Government also needs to enforce the law on land grabbers and also engage the community leaders, like the obas, baales and local government executives to identify such perpetrators.

“They need to have regular stakeholders’ meetings where they engage, inform and spell out the repercussions of encroaching on government land, but it will be more advisable to enlighten the public more on areas that belong to the government. This is necessary because majority of the new estates in Free Trade Zone areas are actually government land, which investors bought from land grabbers.”

Speaking on the new service, Odunuga explained that as the firm continued to experience rapid growth, commercial development and real estate ranking high for investors, it would keep playing pivotal roles in helping them secure the right land and properties.

He said the commercial advisory service would help strengthen business and allow the team to be the provider for the firm’s clients and their commercial projects.

“The team will handle leasing, tenant representation and investment sales for office, industrial, retail, medical, special purpose, flex, and multi-family spaces,” he added.