Land tenure system should be reviewed–Adejana

Mr. ‘Debo Adejana is the Chief Executive Officer of Realty Point limited, a thriving Real Estate Development Company. An advocate of real estate investment, Mr. Adejana, in this interview with TOPE SUNDAY says access to land is a major challenge to investors in the sector.
You are an advocate of real estate investment in Nigeria, to what extent have your efforts impacted on Nigerians?
Well, talking about how far our efforts have impacted on Nigerians, we can only measure it by number. And I can say that our message has been well received by Nigerians. I can say that we have reached over a million people since we started ten years ago. To that effect, they take what we teach very seriously and they try to work on it. They are better educated in terms of real estate investments. We know a couple of them one on one that have come to attest to the fact that our teaching and efforts in the real estate investment have helped them to do better in real estate investment.

By next week, you would be organising a seminar on real estate investment themed: Opportunities and odds in the real estate in 2018, can you explain further on this and who are your target audience?
Our target audience are majorly people who are real estate enthusiasts or people who are players in the industry. You are either a player, investor or you participate in the real estate industry in one way or the other. We are developers, agents and consultants. We are looking at educating ourselves as to what the possibilities are in 2018. Learn from what happened in 2017 and forecast what will probably happen in 2018. So, that is what we are trying to do at the seminar and our target market are people who have one role or the other to play in the real estate sector and investors who are considering investing in it and would like to know more before they do it (before investing in real estate).
As a real estate developer what do you think are some of the challenges facing the housing sector in Nigeria and what would you suggest as solution?
Our challenges are access to land, the difficulty in accessing land for real estate development is a problem. So our land tenure system needs to be reviewed in terms of value and application. The other challenge is that of finance in the demand and supply side because the providers of housing lack the finance. So, single digit interest rate funding should be made available and for example, the buyers are quoted to have said that there is a lot of deficit which means they don’t have a lot of demand for housing. They are not backed with the economic power that is required to purchase and that is mostly because appropriate mortgage is not available. The financing element has been affected by a number of things. One, is the type of money that is available and total funds available in the finance sector and real investment development sector. Another problem is how somebody can get his money back when he is not paying mortgage in the short term because real estate sector it is a long term project. Three, is the kind of laws we have especially about how somebody can get his money back if that person is not paying mortgage quickly . These are some of the things we need to look at. There are some other problems, but I will say majorly these are the key ones.

Expert seeks affordable housing for constant power supply
A Real Estate Developer, Oba Adetola Emmanuel King, has called on the investors in real estate to build affordable housing with constant power supply for their clients.
King, who is the Group Managing Director of Adron Homes and Property, a Lagos State-based real estate developing company, also disclosed that over 60 million Nigerians live in indecent homes lacking basic infrastructure and amenities.
“We find that decent housing are becoming scare. The traditional mortgage is a process whereby, intending subscribers access our products, pay even 20, 240 months on zero percent interest rate and we won’t demand for any certificate but just tell us the tenure”, he said.
He said that his company has concluded arrangement to build new estates in Lagos, Ibadan Abuja and other geopolitical zones to its discerning clientele.
King, who spoke in Lagos over the weekend, said that his company’s financial worth is N100 billion as at 2016 audited account, adding that it has over 10,000 hectares of land across the country.
On the company’s planned Valentine promo scheduled for next week, he said, it would come up in Lagos, Abuja and Ibadan.
The GMD, added that subscribers will be required to pay N140,000 as initial deposit spread over 14 months and they would also enjoy 14 percent off and a free ticket to the Val party as well as free vouchers to eateries for would be partners in the promo.

Leave a Reply