To address housing deficit in the country, the Chief Executive Officer (CEO) of Michline Property Investment and Solutions Ltd., Oladiti Olufemi, has urged the government and private sector to collaborate in providing affordable housing for Nigerians.
This was disclosed at the launch of Michline Court Phase One, made up of 25 acres, comprising 150 plots in Ibeju-Lekki, Lagos.
Olufemi also lamented the spate of housing collapse, saying: “There are quacks in the industry.” He lauded the government’s efforts at checking collapse by establishing the building control unitto examines every project from beginning to end stages.
He explained that inflation had major effects in the purchase of building materials, as the amount budgeted for a project was constantly changing, which also led to longer duration of project completion.
Olufemi said the estate would be fully serviced, with commercial and residential sections, adding that it is located on a dry land, with good road network, security, drainage, streetlight, perimeter fence and other facilities
Its Head, Legal Department, Olumide Shanu, called on investors to engage in due diligence whenever they wanted to purchase real estate.
“Due diligence is that you go to the land, know what document governs this land and you approach the necessary government agencies to verify those lands and documents. At Michline Court, we always go ahead to secure the Certificate of Occupancy (C of O) that governs this land.
“The volume number is available for anybody buying from Michline. It is a global C of O. So, as soon as you approach the Lagos State Ministry of Lands, you would find the property there. You would find the family that owns this land and you would find the companies that have bought from this family. It is verifiable. It is not shrouded in secrecy, we just give you the number, you approach the Ministry of Lands then that’s it,” he said.
Responding to fluctuations in measurement of plots by real estate firms, he said, “The basic thing about size of plot is that they are government layouts that govern particular areas of land. So basically, lands are sold in square meter. So, companies determine what number of square meter constitutes half a plot or a full plot.
“When firms purchase lands, companies look at the land they have bought vis a vis the 3D design that they have. For instance, if we are buying this land as a company, we have an idea of what we want to put on this place. So, the size of the entire land we buy would have to be fixed into the plan that we have,” he added.