GOT Formation LImited

Thursday, 20 March 2014

IMPORTANT NOTICE!

The Lagos State Residents Registration Process & Its Benefits

It’s no secret that Nigeria has over 160 million people,and Lagos is teeming with the majority of them. To of course cater for these enormous population is no small feat. Housing is one of the major malaise within the State as many have no roofs over their heads or are living in less than suitable environments.

The decision therefore, to keep track of residents by the Lagos State Government through the Lagos State Residents Registration Agency (LASRRA) is not far-fetched or out-of-place; a bill that was passed on the 27th of June, 2011, for the purpose of providing an exact picture for government policy and planning.

The Lagos State Government enacted a Tenancy Law a while ago. Tenants in the State saw this as a step in the right direction. From all indications, it appears the frenzy has fizzled out and it is business as usual again. This made me to pen an article titled, "is the Lagos Tenancy Law a Paper-Tiger?". Nigeria is no doubt awash with laws, we are no

Noise from road traffic is a negative for most property occupiers and for those living on busy roads this can be a major challenge. Here are some tips to help you reduce the noise that gets into your property from road traffic.

Install Soundproof Doors & Windows: More than 90% of all the exterior noise comes in through your doors and windows. A soundproof window will reduce noise levels by 75-95% by acting as a sound barrier and thereby eliminating your noise problem.

Drapes & Curtains: Drapes and curtains are mainly used for décor purposes and to keep a house from being visible to people outside your home. However, drapes and curtains can also be used to reduce the noise that gets into your home from road traffic. Simply install thick curtains or drapes - the thicker the material the more absorption of sound and thus a reduction in the noise that gets into your property from outside .

Minimize Open Spaces: By minimizing open spaces within rooms you can break up the travel pattern of sound waves moving through your property. This can be easily achieved with properties with smaller rooms. If your property is very spacious, you decor has to be selected to incorporated several pieces of furniture to reduce empty spaces.

Finally, if you are building or remodeling your own property and have purchased land on a busy/noisy road, make plans right from inception of the property development process to ensure that the property is designed to minimize the impact of noise. Positioning of door and windows can help you reduce the effects of owning a property on a busy or noisy street.

REAL ESTATE AND THE INTERNET.

One of the beneficiaries of the internet is the Real Estate industry. Prior to now, real estate experts do not have a choice on where, how to advertise their business. Same applied to prospective property buyers or those wishing to rent properties. Both sides of the bargain relied on either the print or electronic media to either advertise (sell their properties) or to buy. All of that have changed.

The Nigeria Sovereign Investment Authority, NSIA, said last week that it has incorporated four subsidiaries to promote investments in five strategic sectors of the economy.The Chief Executive Officer of NSIA, Uche Orji, who reviewed the progress of the agency, unfolded the investment plans of the authority in five key sectors, namely agriculture, real estate, motorways, power and healthcare.

Be among the lucky ones to take advantage of this great offer and make yourself a land lord in this new mega city. Get a plot for land for just N525000. You can also pay as low N20000 per month for a period of 36 weeks.Its cheap,its affordable, its real. For more enquiries visit http://goo.gl/obBFJm or call 08033979778.

TWO SIDES OF A COIN.

Securing affordable residential accommodation in Lagos has become difficult as investors appear to prefer development of commercial buildings rather than residential unit due to perceived higher returns.

A visit to major streets on Lagos Island and other highly-populated areas on the mainland such as Ikeja, Mushin, Bariga, Agege and Abule Egba easily confirms that residential dwellings are virtually bursting at the seams.

This was because getting a vacant residential building is more of an uphill task because property owners appear to prefer investing in lock up stores or shopping complexes than residential buildings.

Indeed, the trend in many Lagos neighbourhoods is for residential buildings to be converted into stores or shopping complexes by their owners seeking higher returns amid high demand for such properties.

But at Oloja Estate no such will be experience because of the adherence of strict building rules. Call 08033979778 for your own piece of land.

SO MUCH FOR SO LITTLE WITH 20,000 MONTHLY FOR 3YEARS @ OLOJA ESTATE

For easy payment plan Got Formation Limited brought it to you for 20k monthly for 3years for you to afford a Land. Oloja Estate gives you an instant allocation. Land has been cleared, laid out and ready for allocation and possession.
A plot sells for #525,000 Outright payment Installmental Payment for #720,000, With flexible and affordable payment of #20,000 payable over 36 months.

59, Itire Road, Off western Avenue, Surulere, Lagos - Nigeria.

Tel: 012911396, 012911397

Website: www.gotformationlimited.com

2014 ASSET ALLOCATION FOR HNWI SOURS.

In 2013, real estate was the largest asset class for Nigerian HNWIs with 25.0% of total HNWI assets, followed by equities with 18.0%, cash and desposits with 16.0%, fixed-income with 16.0%, business interests with 15.0%, and alternatives with 10.0%.

Equities, business interests and alternatives recorded the strongest growth during the review period at 156%, 150% and 134% respectively.Real estate assets held declined from 27.3% of total HNWI assets in 2009 to 25.0% in 2013; allocations to commodities increased from 2.4% of total assets to 3.0% in the same period.

Over the forecast period, WealthInsight expects allocations in commodities to decline to 2.2% of total HNWI assets by 2018, as global liquidity tightens due to a forecast near-term drop in demand from China for raw materials that will cause global commodity prices to level out.

In 2013, Nigerian HNWI liquid assets amounted to US$45.0 billion, representing 50.1% of wealth holdings.

Don't you think its time to take this golden opportunity to create the life you want for youself in Real Estate. Buy a plot of land and pay as low as N 20,000. For details call 08033979778.

HOW RISING MORTGAGE RATES MAY IMPACT YOU

While mortgage rates fluctuate daily and the interest rate you’ll pay on a home loan depends on multiple factors, most mortgage experts anticipate an increase in average mortgage rates by the end of 2014.

Before you panic, it’s important to recognize that mortgage rate predictions don’t always pan out. Actions by the Federal Reserve and the economy’s performance could send mortgage rates up or down at any time. Most economists predict mortgage rates will rise by the end of this year to somewhere between 5.0 percent and 5.5 percent. While of course any rate increase has an impact on your monthly mortgage payments, it’s important to recognize that mortgage rates above 5 percent are still historically low. Before the Federal Reserve began its programs to keep mortgage rates as low as possible in response to the housing and financial crisis, mortgage rates had rarely dropped to 6 percent or lower.

According to HSH.com, a website that tracks mortgage rates, average mortgage rates hovered around 7 percent in 2009, 2004 and 1999. Thirty years ago, mortgage rates averaged nearly 14 percent.

Keeping historical rates in perspective should help people realize that the housing market won’t crash if rates sneak up above 5 percent, but we’ve all become accustomed to rates under that 5 percent threshold so it will take some mental and financial adjustments to accept higher mortgage rates.

Mortgage Rates and Affordability

If you’re in a position to buy your home with cash or can easily afford higher monthly payments, rising mortgage rates shouldn’t impact your decision to buy a home. If, like many people, you’re stretching your budget to buy a home, you may need to consider a few options to handle a higher interest rate.

For example, if you’re buying a home priced at $198,000 (the national median price for a home in December 2013, according to the National Association of REALTORS®) and make a down payment of 10 percent, your loan amount will be $178,200. Your monthly payment with a 30-year fixed-rate loan at 4.5 percent would be $903. If mortgage rates rose to 5.5 percent for a 30-year fixed-rate loan, your monthly payment would be $109 more per month, or $1,012.

While $109 more per month may seem affordable, remember that you also must qualify for the loan with a maximum debt-to-income ratio of 43 percent. A higher principal and interest payment on your loan could impact your ability to qualify for a mortgage.

Oloja Estate gives you an instant allocation. Land has been cleared, laid out and ready for allocation and possession.
A plot sells for #525,000 Outright payment Installmental Payment for #720,000, With flexible and affordable payment of #20,000 payable over 36 months.
Allocation is upon full payment.

HEAD OFFICE: 59, Itire Road, Off Western, Avenue,Surulere, Lagos - Nigeria.
TEL: 012911396, 012911397 or www.gotformationlimited.com

MORTGAGE RULES CHANGES ARE COMING IN 2014

The world of mortgage lending has changed significantly since the housing bubble burst. Mortgage lenders have returned to traditional loan standards that require extensive documentation of income and assets for a loan approval.

Government regulatory agencies also continue to react to the housing crisis, with more adjustments to mortgage requirements set to go into effect in 2014:

Qualified Mortgage Rules

Whether you’re thinking of buying a home or mulling over refinancing your mortgage, Jan. 10, 2014, could be an important date for you to remember. The Consumer Financial Protection Bureau is in the process of implementing regulations to meet goals set forth by the Dodd-Frank Act in Congress, which was meant to correct the errors that led to the housing crisis. The CFPB’s “Qualified Mortgage,” or QM, rules go into effect in January. Essentially, these rules require lenders to prove borrowers’ ability to repay a loan by meeting several guidelines, including a maximum debt-to-income ratio of 43 percent. While many lenders already limit borrowers to a similar maximum debt-to-income ratio, the new rules won’t allow for any compensating circumstances such as significant cash reserves or a large down payment to be considered in order to offset a higher debt ratio.

If you have credit problems or a high debt-to-income ratio, you may want to push through your loan application for a refinance or home purchase to make sure you close your loan before the new rules go into effect. However, many lenders are already using QM standards in order to make sure they’re in compliance with the regulation. Mortgages that don’t meet QM standards will have to be held by the lender rather than sold to Fannie Mae and Freddie Mac, so most lenders are careful to meet the new standards.

The 3 Percent Rule

The new QM requirements also limit fees for originating a loan to no more than 3 percent of the loan amount. If you’re financing a more costly home, such as a $400,000 home or more, the lender can easily keep fees under 3 percent, which in this case would be $12,000. However, if you’re refinancing a smaller loan balance or purchasing a less expensive home (for example, for $80,000) the lender might find it more difficult to keep all fees under $2,400. Mortgage lenders are less likely to offer loans for smaller amounts since they won’t always recoup their costs and make enough profit to pay their staff. If you need a small loan, you may want to push to get it closed before Jan. 10, 2014.

Be among the lucky ones to take advantage of this great offer and make yourself a land lord in this new mega city. Get a plot for land @ Oloja Estate for just N,525,000. You can also pay as low N20000 per month for a period of 36 weeks.Its cheap,its affordable, its real. For more enquiries visit http://goo.gl/obBFJm or call 08033979778.

FOR JUST 20K YOU CAN BUY A LAND @ OLOJA ESTATE

Become a property owner at Oloja Estate Agbowa with a privilege to pay as low as N20,000 in 36 instalment or a huge discount if you have what it takes to pay outrightly.Pls call +234 803 3979 778 or visit http://goo.gl/obBFJm.

Wednesday, 19 March 2014

COLLAPSED 3 STOREY BUILDING IN NSUKA, ENUGU STATE.

It appears the high incident of building collapse in Nigeria is not in a hurry to stop anytime soon. Reports emanating from the News Agency of Nigeria (NAN), indicates that a three-story building under construction at Enugu road, Nsukka, Enugu state, caved in on Saturday 1st March. Some of the workers were said to be trapped in the rubble. No details of casualties at the time of writing this. O God help us!

CALL THE LATEST COMPANY "GOT FORMATION LIMITED" TO BUY LAND.

GOT Formation Limited is registered as a limited liability company,The company is majorly into Real Estate, Property Development,Valuation and Consultancy. The company has a very good working relationship with its clients which is built on trust and honesty. These values keep us ahead of others. We have the technical and financial expertise to successfully commence and complete the building of different estates in Lagos and other parts of the country.
For more info @ www.gotformationlimited.com or 012911396, 012911397
Head Office: 59, Itire Road, Off Western Avenue, Surulere, Lagos - Nigeria.

HOME INSURANCE IN NIGERIA.

Personal & Residential Security Tips - Part II .

Oloja Estate gives you an instant allocation.A plot sells for #525,000 Outright payment Installmental Payment for #720,000, With flexible and affordable payment of #20,000 payable over 36 months.
VISIT US @ 59, Itire Road, Off Western Avenue, Surulere, Lagos- Nigeria.
TEL : 012911396, 012911397 07031938806
WEBSITE : www.gotformationlimited.com

LOOKING FOR WHERE TO BUILD? OLOJA ESTATE IS THE PLACE

Oloja Estate gives you an instant allocation. Land has been cleared, laid out and ready for allocation and possession.
A plot sells for #525,000 Outright payment Installmental Payment for #720,000, With flexible and affordable payment of #20,000 payable over 36 months.

Contact Details:
HEAD OFFICE: 59, Itire Road, Off Western Avenue, Surulere, Lagos- Nigeria.
TEL: 012911396, 012911396, 07031938806 or www.gotformationlimited.com

OGUN STATE HOME OWNERS SCHEME HIGHLY SUBSCRIBED; ENDS 31ST MARCH.

Ogun State government recently introduced a scheme tagged, "Ogun State Homeowners Charter" which is aimed at regularizing Property Titles in Ogun State. The exercise was initially billed to end on February 28 but has been extended to March 31st, 2014. Reports indicate that quite a good number of property owners in Ogun State availed themselves this rare opportunity to sort out their Property Titles. Typical of events in Nigeria, people were said to be initially skeptical about the program but when they realized it was for real, there was a mad rush to benefit from the scheme.

Content from Nigeria Property Centre
Read more at: http://www.nigeriapropertycentre.com/blog/news/ogun-state-homeowners-charter-scheme-highly-subscribed-ends-march-31st

MORTGAGE CLINIC.

As the global economic tectonic plate is shifting, Nigeria’s Real Estate Industry braces up to lead the global market; 3INVEST has positioned its brand to help globalize the real estate digital space in Nigeria, resolving perception and transparency issues interdicting the to-become Africa largest economy. 3INVEST ! power to your elbow.

SWEET AND LOW WITH 20K YOU CAN GET A LAND @ OLOJA ESTATE

With 20,000 naira monthly for 36 months you can own a Land @ Oloja Estate, GOT FORMATION LIMITED has made it easy for people to afford a land instead of paying rent.

FOR ENQUIRES: Please Visit Us @ 59, Iitre Road, Off Western Avenue, Surulere, Lagos - Nigeria.
WEBSITE: www.gotformationlimited.com
TEL: 012911396,012911397,07031938806

NIGERIAN MORTGAGE REFINANCING COMPANY.

The prevailing housing deficit in the country is one that the Federal Government of Nigeria has being venturing to put a lasting solution to. An attempt to achieve this is seen in the recent launching of the Nigerian Mortgage Refinance Company (NMRC) which is expected to provide and boost the liquidity in the mortgage industry, while enhancing the activities of the primary mortgage bankers in the country. I just hope this one wont disappear like the others. What do you think?

OLOJA ESTATE: THE WISE DECIESION IN REAL ESTATE.

Take advantage of the flexible payment plan of N 20,000 every month to save that money you give to your Land Lord by putting it into your own property. I think its worthwhile. What do you think? For more please visit http://goo.gl/otNQZm or call 08033979778.

DON'T BE A SLAVE TO RENT, BUY LAND @ OLOJA ESTATE.

“Don’t be a slave to rent,” said Gonzalez. “Free up your time so you can pursue your dreams.” So by pursuing it is achieving it. Get a plot of Land for 525,000 outrightly and 20,000 monthly for 36 months.
For Details contact:
GOT Formation Limited
59, Itire Road, Off Western Avenue, Surulere, Lagos- Nigeria.
TEL : 012911396,012911397 or www.gotformationlimited.com

SPREAD THE PAYMENT OVER 3 YEARS AND BECOME A LAND OWNER.

Be among the lucky ones to take advantage of this great offer and make yourself a land lord in this new mega city. Get a plot for land for just N 525,000. You can also pay as low N,20,000 per month for a period of 36 weeks.Its cheap,its affordable, its real. For more enquiries visit http://goo.gl/obBFJm or call 08033979778.

OLOJA ESTATE: REAL INVESTMENT FOR REAL PEOPLE.

GOT Formation Limited is a Real Estate company in Lagos Nigeria that is specialized in property acquisition,sales,lease and estate development. Presently GOT Formation Limited has taken it upon itself to eradicate the problems that arise with community or property owners (popularly known as Omo-nile) by so doing you are no longer at risk over the real ownership of the property you want.
We are presently developing an Estate sited in Agbowa Ikosi Epe Local Government Area in Lagos State known as Oloja Estae. This is a bold move in line with the state government plan to de congest central Lagos. We employ you to join the band wagon while you can.
Our lands are standard plots (60ft by 120ft) which you can get at N 525,000 out rightly. We also have flexible payment plan which will enable you to to pay at least N 20,000 every month over a period of 36 months.
For more information on Oloja Estate please visit http://goo.gl/obBFJm or call +234 803 3979 778.

The enviroment is neat, good road network, well planned, security guaranteed, Pipe borne water, nice neighbourhood for your kids, could be your retirement plan,no more land lord disturbance, constant power supply ...and many more.

WAYS TO INVEST IN REAL ESTATE.

The common questions people ask; is real estate money spinning as acclaimed? I say YES it is. I will highlight just very few ways one can make money in real estate.

1. You can buy a piece of land,leave it for a couple of years and sell it. Tell you, you will be surprise at the price you will sell it.

2. You can buy a property or land, build on it then resell it. The profit is mind bugging.

3.Are you interested in renting/leasing?You will have a yearly passive income from your properties.

4.Your property will guarantee your loan application in any bank so that you can expand your business.

These and many others are what you stand to gain. So please get involved in Oloja Estate while you can its promo price right now. For more please visit http://goo.gl/otNQZm or call 08033979778

DON'T THINK OF NOW ALONE; ALSO THINK ABOUT TOMORROW BUY LAND WITH 20K

Oloja Estate gives you an instant allocation. Land has been cleared, laid out and ready for allocation and possession.
A plot sells for #525,000 Outright payment Installmental Payment for #720,000, With flexible and affordable payment of #20,000 payable over 36 months.

Contact Details:
HEAD OFFICE: 59, Itire Road, Off Western Avenue, Surulere, Lagos- Nigeria.
TEL: 012911396, 012911396 or www.gotformationlimited.com

'NIGERIA'S HOUSING NEEDS CAN GENERATE 16 MILLION JOBS ANNUALLY

About 16 million jobs can be generated, directly or indirectly, every year from development of houses to meet the annual housing demand in Nigeria, estimated to be 2 million units per annum. The country's housing need is currently estimated to be 17 million units, with an additional 2 million units required every year.

Minister of Finance & Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala, relying on available statistics, alluded to this during the recent launching of the Nigeria Mortgage Refinance Company (NMRC) in Abuja. She noted that the construction of every new house can generate 5.62 million direct and 2.48 million indirect jobs. "It is not only individual Nigerians that will benefit from the establishment of the NMRC.

The country as a whole will also gain significantly from the unleashing of a sector which has the capacity to transform the entire economy through millions of direct and indirect jobs as well many other ancillary benefits. To appreciate the significance of this, let us consider a few facts.

"Nigeria's significant housing demand has been estimated at 17 million, with an additional 2 million units needed every year. Labour impact assessment studies in countries with similar demographics and economies as Nigeria, estimate that at least 5.62 direct jobs can be generated with every new home, and 2.48 indirect jobs in housing related expenditure. So far, our country is yet to realise this potential.

Hundreds have invested on the best Real Estate company in town GOT Formation Limited and its product Oloja Estate. What are you waiting for?? For more info visit http://goo.gl/2oXW0e or call 08033979778.

OLOJA ESTATE IS CONCEIVED, EPE IS DEVELOPING; LAGOS IS WORKING !

Avail yourself among the few lucky ones to take advantage of the product GOT Formation Limited is offering you while you can. Join the league of property owners @ Oloja Estate. No sidon for water make soap enter you eyesoooo!!! For more info visit http://goo.gl/2oXW0e or call 08033979778.

GET YOUR HOUSE IN A FRIENDLY ENVIRONMENT @ OLOJA ESTATE

Oloja Estate gives you an instant allocation. Land has been cleared, laid out and ready for allocation and possession.
A plot sells for #525,000 Outright payment Installmental Payment for #720,000, With flexible and affordable payment of #20,000 payable over 36 months. Don't be left out with these features:
Good Road Network
Perimeter Fencing
Layout Plan
Global C of O
Recreation
Electrification
Easy transfer of ownership.

HEAD OFFICE: 59 Itire Road, Off Western Avenue, Surulere, Lagos- Nigeria.

Tel: 012911396, 012911397 or www.gotformationlimited.com

THINK REAL ESTATE! THINK GOT FORMATION LIMITED!! BUY LAND @ OLOJA ESTATE!!!!

Oloja Estate gives you an instant allocation. Land has been cleared, laid out and ready for allocation and possession.
A plot sells for #525,000 Outright payment Installmental Payment for #720,000, With flexible and affordable payment of #20,000 payable over 36 months.

For more information contact:
GOT FORMATION LIMITED
59, Itire Road, Off Western Avenue, Surulere, Lagos - Nigeria.
TEL: 012911396, 012911397 or www.gotformationlimited.com

LEKKI IS EXPANDING!!!

All stake holders are doing their best by keeping the money spinning real estate brand 'LEKKI' in contineous growth. Kudos to you guys.

South African real estate firm, Pinnacle Point Group Limited, has indicated readiness to inject about N30 billion into the development of a world-class golf estate Badagry, Lagos State.The company, which is the largest golf and leisure estate developer in South Africa and on the African continent, intends to position itself as a major global player in both the golf and residential estate development markets in the next five years.

I also think they want to take advantage of the present development in that axis. Considering the on going railway project to link the whole of west africa. I cant wait to join the band wagon and make some dough.What are you waiting for??

FRAUDULENT 'PROPERTY DEVELOPER ' DUPES 100 PEOPLE OF #52 MILLION

Some folks don't just get it when we whine about the prevalence of unscrupulous property agents and property scams in Nigeria and the need for one to 'shine his/eyes well well' before parting with his/her hard earned money in the name of renting, buying a property. One hundred Lagosians have become the latest victims of a well-orchestrated property scam. In their petition to the Inspector General of Police, EFCC et al published on Nigerian Guardian Newspaper, the victims recanted how they got duped by a 'smooth talking' property developer who absconded with a total of about ₦52 million he collected from them (the petitioners). In a petition signed by the trio of Uche Arinze, Innocent Odenga and Victor Odiete on behalf of the other petitioners, the victims allege that one Mr. Sameul Adeniyi Ogundana a.k.a Prince and his accomplice, Mr. Adetayo Olatunbosin, defrauded them of the said amount under the guise of renting them apartments at No. 8, Igbesa street, off Ashimowu Bakare Street, Itire, Lagos state.

Content from Nigeria Property Centre
Read more at: http://www.nigeriapropertycentre.com/blog/news/governor-fashola-heralds-issuance-of-electronic-certificate-of-occupancy

GOVERNOR FASHOLA HERALDS ISSUANCE OF ELECTRONICS CERTIFICATE OF OCCUPANCY.

The Governor reeled out the advantages of the new e-C of O over the analogue one. According to him, "this document that we now have is more secure document with security printed papers. There are all sorts of features that if you tamper with them, you will actually destroy them. They are capable of self-destruction and only few people have access to this paper, I don't have access to it and I don't need to see it to sign". He continues, "there is also a lot of information on this paper that the naked eye cannot see, so the backward reader is able to see all of the transactions and steps and then for registry of titles to be much more able to verify and advice people who want to buy land, who want to take mortgages, who want to lease out land and people who want to check whether there is any transaction on their land, to do so".

Life is looking good for inhabitants of our capital city. As the Federal Government through its agency Federal Housing Authority (FHA) has embarked on a project to put smiles on the faces of Nigerians residing in the capital city of Abuja by embarking on a project to provide a 25,000 low cost housing units in Bwari.
Lets just hope it is low cost as implied.

LAGOS: PAST AND PRESENT.

Lagos was bombarded by the british in 1851, declared a colony on 5th march 1862. By 1872, Lagos was a cosmopolitan trading centre with over 60,000 population. It became the capital of protectorate of Nigeria in January 1914. Since then it has grown to become the largest city in west africa,with an estimated population of over 9,000,000 as at 2011.

THE TEN COMMANDMENTS FOR BUYING PROPERTIES IN LAGOS STATE.

1. Thou Shalt have a Budget.

2. Thou Shalt not buy a Land without demanding for the Documents that the Owner(s) Possess.

3. Thou Shalt Carry Out a Proper Land Verification Search.

The Lagos state Government is undoubtedly walking the talk with its housing g initiative called Lagos Home Ownership Mortgage Scheme (Lagos HOMS). We told you a while ago in one of our articles that Lagos HOMS will offer Lagos residents an opportunity to own their own homes through mortgage payments spread over 10 years
.

In the maiden draw of the programme on 4/3/2014, thirty out of the 98 applicants that took part in the first public draw of this Scheme, emerged Winners. The draw took place at the Blue Roof Hall at the premises of the Lagos State Television, Ikeja.

During the event, Governor Fashola implored the Private Sector, especially Property Developers, to partner with Lagos HOMS with a view to increasing the number of homes available to applicants during the monthly draws. Mr. Fashola stated that, "we promised you that there will be a second phase of this initiative and I am pleased that the committee has started work on the second phase. In the second phase, we are opening up the Scheme to the Private Sector and Housing Developers, who will build the houses, while the government will be the guaranteed purchaser of the homes".

He continues, "By so doing, we would be in a position to double or triple the number of homes from 200 to 600 or 800 a month. If we allow the private sector to build the homes, we will buy it from them and put them up for mortgage."

The Governor went further to opine, "From the report I received, we have 322 applicants, but only 98 met the stipulated conditions. There are 77 people whose processes are being undertaken but did not meet our deadline for the draw, which was February 28. I believe all the 98 will be home owners when we complete this draw. The remaining 102 homes for the month will be added to the 209 for next month." Mr. Fashola asserted that home owners will be responsible for maintaining their homes and payment of maintenance fees and that if owners do not default on their mortgage payments, the Scheme would become self-sustaining in 7 years.

For the doubting Thomas out there, this is for real! The good thing also is that the process is transparent. Avail yourself of this opportunity if you are Lagosian. No carry last o!

Thursday, 20 March 2014

Wednesday, 19 March 2014

Tuesday, 18 March 2014