ojesymsym:
Oh okay, true, I should have thought of that.
We are firmly loyal sir to your expertise.

We are all learning sir. As I learn freely, I contribute freely too.

Ibeju Lekki is a bubble that will burst in 15 to 20 years time. I have looked at the maths and it does not add up. Lagos is a small state and Ibeju is just a portion of it. That means it would take at most 18 months to sell all the land in those places if we are judging by the amount of marketing put in place.
But because none of those lands are allocated, and people cannot build on them immediately, so none of the buyers can walk into the place and point to their lands. So, the companies can sell one plot to 100s of people and no one will be the wiser.

Problems upon problems will arise when it is time to start building in about 10 years time, by then the proponents of the estate companies would have escaped. I pity their present day marketers, they are the ones that the buyers will use to shine since they are the link between them and the so called estate companies.

MrMcJay:


How many of those who bought land from real estate companies in Ibeju-Lekki have built on those lands?

MrMcJay:


That is exactly what they told those who bought bushes inside Mowe Ofada 10 years ago.

When the Ogun State government got tired of the problems caused by the real estate companies, they acquired all the lands back.

Did they pay back the investors?

I did not see this before I made my earlier comment. I knew something was not adding up.
That place is too small to be selling for more than 8 years now.

MrMcJay:


Land 250k,
Extra charges 1.5M

Many real estate companies know you won't finish paying. They in fact are hoping buyer's won't finish paying so 3 people can pay for the same plot.

A certain Exec in a real estate company told me in confidence that their company paid Omoniles for about 10 Acres and sold more than 400 plots.

emmanuelewumi:

Mainly for speculation by both the real estate companies and the buyers of the land

The real estate companies don't have the financial muscles to develop the land, everybody is doing the same thing. Trying to buy at N2 million and sell at N5 million in 5 years time

Most are buying lands but ask them to identify the plots, they can't. Even if you go to Court, how do you identify what you are claiming?

The second issue is the validity of documents those companies are holding. Excision in progress is rubbish. That is not suitable title. Gazette, Excision, Governor's Consent and CofOs are the proper thing.

In Lagos, you don't own land until you build on it.

ojesymsym:
From that guy's explanation, he had copy of papers for an original land, just that the papers were not for the land he was going to pay for. So in that case, if you do a search, the agencies will rightly say it is genuine but how does the buyer know it is not for the so called land he wants to pay for?

each land get becon buried in ground in 4 point with becon number imprints ...u can take a surveyor pay him to identify the land .....na ....hmm ....

emmanuelewumi:

Did they pay back the investors?

They didn't pay back. Many Nairalanders fell victim. There are stories in the property section.

MrMcJay:


That is exactly what they told those who bought bushes inside Mowe Ofada 10 years ago.

When the Ogun State government got tired of the problems caused by the real estate companies, they acquired all the lands back.

I guess it's hard in finding a genuine company

Now I see why that Mowe Ofada axis is a major vast Farmland

Okay, it seems he did not really do all his due diligence then. At least reading all your comments now, he and the rest of us non go fall victim again. Abuja really seem to be organized.

ahiboilandgas:
each land get becon buried in ground in 4 point with becon number imprints ...u can take a surveyor pay him to identify the land .....na ....hmm ....

MrMcJay:


They didn't pay back. Many Nairalanders fell victim. There are stories in the property section.

Too bad. I almost bought 2 plots for 700k along that axis in 2007. Did not buy because I love seeing what I am buying or the cash flow from my investments and not the expected capital appreciation


Government should safe guard investments in the real estate sector.

Nezzjnr:

I guess it's hard in finding a genuine company

Now I see why that Mowe Ofada axis is a major vast Farmland

Some of the companies selling are genuine but because they lack real estate experience, their ignorance proves expensive. But for most, they just want to "cash out" and move on to the next victims.

As terrible as Omoniles are, I prefer buying from them cos I know their tricks and how to handle them.

emmanuelewumi:

Too bad. I almost bought 2 plots for 700k along that axis in 2007. Did not buy because I love seeing what I am buying or the cash flow from my investments and not the expected capital appreciation

Government should safe guard investments in the real estate sector.

You were really fortunate.

What hinders the bolded is corruption and vested interests. It's really entrenched in the system.

ojesymsym:
Okay, it seems he did not really do all his due diligence then. At least reading all your comments now, he and the rest of us non go fall victim again. Abuja really seem to be organized.

my mum was allocated land in kukaicho 3 kuje Abuja by area council year 1997 ,in 2014 i took the bold step drove 700km to kuje lga land departments ,paid surveyor 10k we went to the busy area under 2 hours land was identified with it becons buried in the ground ....didnt want to hold futher put up for sale and was sold after 3 months......

MrMcJay:


Some of the companies selling are genuine but because they lack real estate experience, their ignorance proves expensive. But for most, they just want to "cash out" and move on to the next victims.

As terrible as Omoniles are, I prefer buying from them cos I know their tricks and how to handle them.

Omoniles aren't to be trusted also

It takes one to be a genius in pulling the issue of lands out

Lagos and enviros i can only buy a house as in a standing one ....Abuja and other normal places i can buy land...

MrMcJay:


Land 250k,
Extra charges 1.5M

Many real estate companies know you won't finish paying. They in fact are hoping buyer's won't finish paying so 3 people can pay for the same plot.

A certain Exec in a real estate company told me in confidence that their company paid Omoniles for about 10 Acres and sold more than 400 plots.

They will market land to low income people for just 250k. Once the person manages to pay, they will start asking for one charge or the other which the person continues running from pillar to post to pay. At the end the person becomes frustrated and demands for a refund and then another wahala cycle starts.

MrMcJay:


Some of the companies selling are genuine but because they lack real estate experience, their ignorance proves expensive. But for most, they just want to "cash out" and move on to the next victims.

As terrible as Omoniles are, I prefer buying from them cos I know their tricks and how to handle them.

My advice is that when you buy from Omo onile, make sure you have the funds to develop the property and take physical possession. It is not an investment you leave for 5 years.

My late Uncle was the former Surveyor general of Lagos with just 2 houses in Lagos and plots of undeveloped landed properties all over Lagos. You know most cases Omo onile pay lawyers and surveyors by barter, ie using land for payments.

I told my uncle to sell those lands then and use the proceeds to buy or build more houses. But he was more interested in capital appreciation of the the plots and hectares of land.

Ten years after his death, his 2 sons are yet to take possession of any of his numerous plots of land.

The land have been sold by the Omo onile and his numerous business partners

emmanuelewumi:

My advice is that when you buy from Omo onile, make sure you have the funds to develop the property and take physical possession. It is not an investment you live for 5 years.

My late Uncle was the former Surveyor general of Lagos with just 2 houses in Lagos and plots of undeveloped landed properties all over Lagos. You know most cases Omo onile pay lawyers and surveyors by barter, ie using land for payments.

I told my uncle to sell those lands then and use the proceeds to buy or build more houses. But he was more interested in capital appreciation of the the plots and hectares of land.

Ten years after his death, his 2 sons are yet to take possession of just one of his numerous plots of land.

The land have been sold by the Omo onile and his numerous business partners

It is a taboo to buy land from Omoniles and not fence it with gate. There is no point buying land from Omoniles if you won't develop it. Omoniles sell undeveloped lands for multiple times profit and tell the previous buyers to come collect the amount they used to buy it.

One of the reasons I prefer to buy from Omoniles is that you can take possession immediately and develop. Lots of Real Estate Companies can't do that.

Nezzjnr:

Omoniles aren't to be trusted also

It takes one to be a genius in pulling the issue of lands out

They are not trustworthy and that is why you must take possession IMMEDIATELY after buying. In fact, insist on paying 60% and fencing and once fencing is completed without hiccups, you balance up the outstanding 40%.

ahiboilandgas:
see person where sabi way ...unless u want to be scammed....u can buy 100 of plots in Abuja peacefully.......

Forget "sabiness" for Abuja land now. I did land search and it came out clean. Got to understand these land racketeers are agents of some big officials of AMAC and AGIES. Anyways, any land investment for me now will be either Nassarawa, Plateau, or Niger State. My eyes don clear.

Lagos State and Onikoyi family could have asked the investors who bought Federal Secretariat Lagos to allocate maybe 10% share of the ownership of the project to them at completion.

The property is massive and can house over 1000 families. At completion the investment should be worth N40 billion or generating rental income of about N3 billion.


It saddens me each time I go through that axis and se how the property is lying fallow and delapidating

arduino:

Forget "sabiness" for Abuja land now. I did land search and it came out clean. Got to understand these land racketeers are agents of some big officials of AMAC and AGIES. Anyways, any land investment for me now will be either Nassarawa, Plateau, or Niger State. My eyes don clear.

i would not ...your search done wrongly ...where is your search reports , who signed it ? U can take legal actions

ahiboilandgas:
my mum was allocated land in kukaicho 3 kuje Abuja by area council year 1997 ,in 2014 i took the bold step drove 700km to kuje lga land departments ,paid surveyor 10k we went to the busy area under 2 hours land was identified with it becons buried in the ground ....didnt want to hold futher put up for sale and was sold after 3 months......

I beg oga I get one for sale in that same kuchiako 3 too.....I need buyers o!

emmanuelewumi:
Lagos State and Onikoyi family could have asked the investors who bought Federal Secretariat Lagos to allocate maybe 10% share of the ownership of the project to them at completion.

The property is massive and can house over 1000 families. At completion the investment should be worth N40 billion or generating rental income of about N3 billion.


It saddens me each time I go through that axis and se how the property is lying fallow and delapidating

How come the FG that sold it to the investors is not helping the same investors to take ownership?.

MrMcJay:


They are not trustworthy and that is why you must take possession IMMEDIATELY after buying. In fact, insist on paying 60% and fencing and once fencing is completed without hiccups, you balance up the outstanding 40%.

Thanks boss

Please when I'm ready to get anyone... Can I contact you

emmanuelewumi:



Very good, don't invest in a small business which you don't understand and you don't have the time to manage yourself except you have highly motivated and trusted employees.

Doing contrary means you want to use the fund invested on the investment on how to learn "how not to loss money in small businesses".

The advice will work very well for an unemployed person.

with small business it very difficult.

Cation:
I beg oga I get one for sale in that same kuchiako 3 too.....I need buyers o!

how much ?have u visited the place ..how near to union homes...

arduino:

Forget "sabiness" for Abuja land now. I did land search and it came out clean. Got to understand these land racketeers are agents of some big officials of AMAC and AGIES. Anyways, any land investment for me now will be either Nassarawa, Plateau, or Niger State. My eyes don clear.

if your search came out clean, AGIS would issue you an official letter (search report) indicating that you conducted a search and that AGIS certify the allocation letter to be genuine. With the report you can sue AGIS if you discover the allocation letter to be fake later

i hope you personally conducted the Search.....and not through a third party

NL1960:


How come the FG that sold it to the investors is not helping the same investors to take ownership?.

UAC Property Development and Union Homes had similar problem when they bought 1004 estate from FG.


The issue with Federal Secretariat is that the godfather was interested in the property, but it was Babalakin SAN and his group bid that succeeded

Babalakin is PDP, LASG is APC.

I think both Federal and States government should be able to issue certificate of occupancy and building approvals.

Oga just to be clear, is it that the land in question was not the same as the one in the paper you did a search on, or that the land was the same but still the agencies gave you a false pass?

arduino:

Forget "sabiness" for Abuja land now. I did land search and it came out clean. Got to understand these land racketeers are agents of some big officials of AMAC and AGIES. Anyways, any land investment for me now will be either Nassarawa, Plateau, or Niger State. My eyes don clear.

ojesymsym:
Okay, it seems he did not really do all his due diligence then. At least reading all your comments now, he and the rest of us non go fall victim again. Abuja really seem to be organized.

I have other genuine plots of land in Abuja. This particular one did me viammmm for eye.