FASHOLA ADVISES ESTATE ALLOTEES TO APPLY FOR DOCUMENTS

Lagos State Governor, Mr. Babatunde Fashola (SAN), has asked buyers of property in government estates in the state yet to apply for registered title documents to take advantage of the government’s ongoing initiative and revive ‘their dead assets.’
He said this on Monday during the formal presentation of title documents to 500 of the estimated 22,000 property owners in government estates built by the Ministry of Housing, the Lagos State Development and Property Corporation and the Lagos Building Investment Company.
Fashola, who was represented on the occasion by the Commissioner for Commerce, Prince Adeniyi Oyemade, said the government took the decision to give the buyers proper titles to their properties.
He said, “This will enable the owners to have access to credit through the use of mortgage facilities. It was discovered that many allottees, after obtaining letters of allocation of their properties, did not embark on the process of obtaining the necessary title documents.”
He explained that the state government decided to provide the documents at subsidised rates of N10,000 for low-income flats, N15,000 for medium-income flats and N20,000 for high-income buildings because most of the buyers were elderly persons and lacked the resources to obtain title documents.
Fashola also noted that the intital three-month deadline given to the allottees to perfect their documents had been extended due to pressure from those yet to apply.

Earlier, the Permanent Secretary, Lagos State Lands Bureau, Mr. Gbenga Ashafa, had said the deed of sub-lease on all government housing estates had been harmonised to enable elderly persons and retirees to benefit from it.