Ujomamaka Anyibuofu
As a policy shift, the Lagos State Government has is prepared to offer well meaning developers in the state free land for mass housing development to help reduce the housing shortage in the state.
Gov. Babatunde FasholaUnder the new arrangement tailored towards a Private Partnership Programme (PPP), the Lagos State Government would be responsible for the provision of suitable land for appraised and evaluated proposals, issuance of sub-lease agreement/ C of O on land, give development permit at reduced cost and subsidized rate, handover the site to the developer, give necessary support to ensure project success, jointly market the property alongside the developer and have percentage share of profit from project at an agreed period and formula. The developers on the other hand would be responsible under the partnership for the draft proposal of project, prepare all drawings (Architectural, Civil and Structural, Mechanical and Electrical) and Bill of Quantities, arrange and provide finance for the Project, manage the construction and also jointly market the property alongside Government.
One of the problems that this arrangement is envisaged to solve includes the high-cost of acquiring land within the state. This is one problem developers have always complained about and have time and again mentioned as the reason why affordable mass housing has been difficult to achieve within the state. This is one problem the State Government intends to solve with the free land initiative.
Other problem the new initiative is expected to solve includes the issue of credibility of the developers and the genuineness of titles for acquired properties. It is expected that with a partnership by the Lagos State Government potential property buyers will be more confident to part with their monies to acquire properties and will also be rest assured that the titles they will be getting on such properties will be more authentic and superior.
For interested developers, official information shows that the state government currently has land in land in Epe, Ibeju Lekki, Badagry and Ikorodu for allocation to qualified developers. On a more specific note, the State Government has also mentioned that interested developers and investors can also tap into the investment potentials of its proposed Kings Court Estate Scheme, located in Sangotedo, Eti-Osa Local Government and its LASU-Iba New Town Development Scheme off the Lagos Badagry Expressway. Both planned as a mixed use community, Kings Court Estate is on approximately 70.19hectares of land, while The LASU-Iba New Town will be developed on approximately 567.56hectares of land.
THE LASU-IBA NEW TOWN
Located in the South Western Part of Lagos, Iba Town is about to see another town rise within it. Sited along the LASU- Iba road and bordered on the South by Ojo Military Cantonment, East by Ijedodo, North by the Ijagemo and in the West by Iba Town, Iba New Town Development Scheme as it will be known is a joint development by the Lagos State Ministry of Housing and the New Towns Development Authority (NTDA) in conjunction with the private sector.
Planned to kick-off this year and proposed to be financed by State and Private funds, official information from the Lagos State Government shows that the Memorandum of Understanding for the development of the new scheme will soon be signed by the Lagos State Government and selected developers while the C. Of. O will be issued in the name of Ministry of Housing. Already, a feasibility study for the scheme to show the investment viability of the scheme has been done and the layout and financial plan for 85Hectares out of the first parcel of land has also been done. The contract for sand filling of the first phase of the scheme has also awarded.
The New Iba Development Town Features 8 Different Uses as follows:
LAND USE HECTARE PERCENTAGE (%)
RESIDENTIAL 211.84 37.33
COMMERCIAL 40.90 7.21
PUBLIC 38.55 6.79
RECREATIONAL 44.71 7.88
INDUSTRIAL 14.10 2.48
ANCILLARIES 9.38 1.65
BUFFER 131.12 23.10
ROAD 76.96 13.56
TOTAL 567.56 100
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