Lagos seal off properties without building permit


The Lagos State Building Control Agency (LASBCA) in partnership with the Ministry of Physical Planning and Urban Development, has embarked on a massive clampdown on property owners without building permits. The agency swung into action as part of the plans towards restoring safety in the built environment.

The exercise began after the expiration of a month deadline notice issued to developers and landowners to obtain the required building permits from relevant government agencies .General Manager, LASBCA Dotun Lasoju who led the team in company of the Nigerian Police Force, said the exercise was necessary to enforce  applicable laws relating to housing development in the state.

According to the LASBCA boss, the construction of buildings involve a due consultation process between developers, landowners, LASBCA and other relevant agencies  to avoid situations that could lead to loss of lives and properties.

Culled from The Guardian

NMRC, SunTrust Bank rollout N13bn mortgage housing plan


In line with the mission of promoting home ownership for Nigerians, the Nigeria Mortgage Refinance Company, in collaboration with SunTrust Bank Plc, has launched a N13bn mortgage refinancing system for federal civil servants. The housing refinancing package is part of the plans by the Federal Government to address the housing challenges facing the country.

Chief Executive Officer, NMRC,Prof. Charles Inyangete, explained that public private partnership in the Nigerian mortgage sector will boost investment opportunities. Professor Inyangete, also hinted that NMRC was partnering the Nigerian Institute of Quantity Surveyors for the success of the housing scheme.

 Managing Director, SunTrust Bank, Muhammed Jibrin, assured the Federal Government that the mortgage refinancing initiative, will be properly executed for the benefit of the civil servants.

Culled from the Punch


NIA introduce new housing models

fashola 2

The Nigeria Institute of Architects has introduced a new housing model that will bridge the affordable housing gap in Nigeria’s real estate sector. The NIA unveiled the housing model during a courtesy call on the Minister of Power,Works and  Housing  Babatunde Fashola.The model introduced by the NIA  include a contributory scheme development to provide a constant  flow of revolving housing finance for low-income earners.

Under the proposed housing model, the NIA is advocating a property exchange mechanism,where housing is treated as an exchangeable commodity with mobility through the housing types based on income expansion, family size and zoning typologies.

The NIA President Tonye Braide said that the housing model will create an architectural value chain for Small and Medium Enterprises (SME) specialized in fabrication of construction equipment.

Culled from the Guardian


Lagos State begins Rent-To-Own and Rental Housing policy


The Governor of Lagos State Akinwunmi Ambode has called on residents of the state to take advantage of the state’s Rent-To-Own and Rental Housing policy. The Governor represented by the Deputy Governor, Dr Idiat Adebule, stated this at the launching of Sir Michael Otedola Estate,Odoragunshin, Epe. He said that the policy was part of his administration’s strategies to deliver decent and affordable housing to citizens.

According to the State Commissioner for Housing, Gbolahan Lawal, 12 housing estates across the three senatorial districts within the state had been dedicated to the implementation of the policy. Mr. Gbolahan said that the Rent-To-Own policy targets the low and medium income earners in both the formal and informal sectors where individuals are required to pay five per cent of the value of the housing unit as commitment fee and the balance is spread over 10 years.

To qualify for participation in the housing scheme, individuals must be registered residents, taxpayers and must have regular source of income.

Culled from the Punch

CEO urge National Assembly to pass foreclosure law

At the recently held AGM of TrustBond Mortgage Bank Plc, CEO of the bank Adeniyi Akinlusi identified the non-passage of foreclosure law by the National Assembly as one of the barriers, militating against affordable housing plans in the country. The CEO said that the non-existence of an effective foreclosure mechanism in Nigeria was making the real estate sector non attractive to investors.

Foreclosure law is a legal process, which allows a lender to take possession and sell a secured property (foreclosure) to pay off the loan in the event that the borrower defaults on the loan or otherwise fails to abide by its terms.

Commenting further, Mr. Akinlusi said the National Assembly must make haste on the passage of the law as it affects the legal and regulatory framework of the Mortgage sector. Once the National Assembly is done with the foreclosure law, it would attract funding and capital from the mortgage banks.

Culled from Vanguard


Home prices go bearish in Brisbane

Home prices in Brisbane, Australia has assumed a downward trend as developers continue to unveil new projects and  developments. According to a recent data from Real Estate Institute Queensland (REIQ), home prices have taken a hit due to low demand and series of new new units  which is already causing an impact on the city’s property market.

In September, median house prices fell 1.6 per cent compared to the previous three months. However, prices are still up 4.1 per cent compared to the same time last year.

From the reports, the median unit price of $440,000 is down 1.1 per cent compared to 12 months earlier after dropping 2.7 per cent during the quarter.

Culled from Couriermail


Kumasi City Mall scheduled for completion in 2017

The first phase of Kumasi City Mall Project is nearing completion. The project began in June 2014 and the mall is scheduled for completion in April 2017.Kumasi City Mall is a 18 000m² shopping centre with a mix of local and international retailers.

Game, Shoprite and Edgars are some of the retailers who have already committed their resources to the development in addition to a number of other well-known retailers. When completed,it will be handled by Shoprite and Game with a total of 61 restaurants and shops

Kumasi City Mall provides a convenient and highly accessible shopping destination to the entire city. The Mall is  located on Lake Road, and is of close proximity to the airport and the Kumasi Central business district.

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