If you’re a real estate developer with long term development goals in the Lagos Metropolis, I’m sure sourcing for land (which is a major real estate raw material) to develop is one matter you are constantly dealing with.



Despite the fact that Lagos State is the smallest State in Nigeria with an area of 356, 861 hectares (out of which 75.755 hectares are wetlands), it remains the most populated. It is estimated that over 21 Million souls currently reside in the State with millions more visiting from neighboring states on a daily basis. This is a major real estate problem.



Once developers see these numbers, all they can think of are the real estate opportunities in the state not realizing that land to build on is in short supply.



For private individuals who only wish to build a home for themselves, its quiet simple, (although expensive) you buy. However, if you are in the business of real estate development (with a view to maximize profit) you’ll soon find out that buying landed properties (especially in prime locations) eats too much into your profit and rubs you of your competitive edge. You need to be wiser and more strategic to survive.

To address these land sourcing headaches, we suggest entering into Joint Venture (JVs) arrangements with land owners. These may include private individuals, families, cooperative societies, firms and government bodies.



Now, as simple as it may seem, there is nothing simple about JVs. Finding a common ground for parties involved is always a complicated process. Whether the transaction is between a developer and a private land owner, State Government or Federal Government, the negotiation process is always very tricky and controversial as everyone is after their own interests. To seal a Joint Venture deal, you would require a lot of tact, patience and the willingness to make compromises.

Click link to read more.

http://www.souqgrandeur.com/dealing-with-land-bank-headaches-in-lagos-nigeria/

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