Business
How to avoid real estate fraud, by expert
Left – right, Igbenoba, Daranijo, Oseni & Anyaso at the 14th anniversary of MeritAbode, in Lagos
General Manager of MeritAbode Nigeria Limited, the developer of Emerald Haven, Lekki / Epe expressway, Ofure Oseni, has advised prospective real estate investors on the need to investigate and interrogate the firms they want to transact business with before parting with their hard-earned money.
She also called on the government to intensify efforts to weed out the bad eggs in the sector to stem the tide of infractions and losses by investors.
Oseni further canvassed the need to have a virile mortgage system that will assist the public to own properties at a relaxed term unlike now that people need to come up with almost the whole amount to be able to own a property.
She stated this over the weekend in Lagos on the sidelines of the special allocation ceremony of plots of land to about 30 subscribers, which also marked the 14 years anniversary of the firm.
She stressed that the poor establishment of a mortgage scheme in the country is the reason most real estate firms prefer to go for payment by instalments.
“The mortgage scheme in Nigeria is not very popular or very well established. That’s the reason why developers like us actually go for payment by installment plan”.
“I think the government needs to educate people more about these mortgage processes. Because in developed nations, a lot of people, that’s what they actually bank on. A lot of us know how it goes out.
“Last year, we had in the industry a lot of developments, a lot of regulations coming into place. I think the industry is getting into a bit of shape because the government has started putting a lot of regulatory processes into place,” ,” Oseni stated.
Before, it was a free entry and exit route. But today, to have an estate, there are several formalities that you must actually put on the ground,” she stated.
This is more so with some approvals that you must acquire before selling plots such as the Layout plans. The investing publish should be wary and ask the hard questions before parting with their hard-earned monies she stated.
According to her, before now, people could just buy a plot of land or even an acre and call it an estate.
“But this is a different ball game altogether, there is a lot of regulation, though to be sincere, there are a lot of bottlenecks and bureaucracy in it while procuring approvals, we pray the government continues to improve on it” she added.
Speaking on the event, she explained that it was also part of the programmes to mark the 14th anniversary of the company.
“So we are doing the first major allocation in the estate. We launched the estate last year. So we are doing the first allotment for the first batch of people that have bought into the estate,” Oseni stated.
She added that the estate is into segments, the free-build, where they have the residential and also the investment zone and commercial area.
Oseni said that the land is divided into different sizes depending on the zone you want to buy into.
Also speaking, the Sales Director at MeritAbode Nigeria Limited, Victor Igbinoba, highlighted that as the company celebrates fourteen years of growth, delivery, and shared success, “it is equally important that we turn our attention to the future and the opportunities that lie ahead.”
He stated that moving forward, the company remains focused and strategic to consistently identify emerging development corridors early and position their clients ahead of growth.
“Real estate has always rewarded those who see tomorrow before it arrives, and that is the discipline that has guided our journey from day one,” he stated.
Igbinoba maintained that across cities and developing communities, expansion is inevitable.
He reiterated that infrastructure will continue to unlock new investment frontiers, population growth will continue to drive housing demand, and the need for well-planned, secure, and value-driven real estate will only grow stronger.
He stressed that moving forward, the firm will continue to expand its portfolio within strategic growth locations, “ensuring that every opportunity we present to our clients is backed by strong market insight, sound planning, and long-term value potential.”
“We are not just offering property, we are presenting well-structured investment opportunities designed to appreciate, perform, and secure the future of our investors. Equally important is our commitment to strengthening the relationships we have built over the years,” Igbinoba stated.
“ We are offering planned, secure, and value-driven real estate that will only grow stronger with the added advantage of proximity to the proposed Lekki International airport, Free Trade zone etc.”
He stated that moving forward, the company remains focused and strategic to consistently identify emerging development corridors early and position their clients ahead of growth.
“Real estate has always rewarded those who see tomorrow before it arrives, and that is the discipline that has guided our journey from day one,” he stated.
Igbinoba maintained that across cities and developing communities, expansion is inevitable.
He reiterated that infrastructure will continue to unlock new investment frontiers, population growth will continue to drive housing demand, and the need for well-planned, secure, and value-driven real estate will only grow stronger.
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