To address the housing deficit in the country, the CEO of Michline Property Investment and Solutions Ltd., Oladiti Olufemi, urged the government and the private sector to work together to provide affordable housing for Nigerians.
This was revealed during the launch of Michline Court Phase One, consisting of 25 acres, comprising 150 plots in Ibeju-Lekki, Lagos.
Olufemi also lamented the wave of housing collapse, saying, “There are charlatans in the industry.” He hailed the government’s efforts to control the collapse by setting up the building control unit to review every project from start to finish.
He explained that inflation has major effects on the purchase of building materials, as the amount budgeted for a project constantly changes, which also lengthens the duration of project completion.
Olufemi said the estate would be fully serviced, with commercial and residential sections, adding that it is located on dry land, with good road network, security, drainage, street lighting, perimeter fencing and d other facilities.
Its chief legal officer, Olumide Shanu, called on investors to do their due diligence whenever they want to buy property.
“Due diligence is about getting to the land, finding out what document governs that land, and contacting the necessary government agencies to verify those lands and documents. At Michline Court we are always moving forward to obtain the Certificate of Occupancy (C of O) which governs this land.
“The volume number is available to anyone who buys from Michline. It is a global C of O. So as soon as you approach the Lagos State Land Department, you will find the property there. would find the family that owns that land and you would find the companies that bought from that family. It’s verifiable. It’s not shrouded in secrecy, we just give you the number, you approach the land ministry and then it’s everything,” he said.
Responding to fluctuations in plot measurement by property companies, he said: ‘The fundamental thing about plot sizes is that they are governmental provisions that govern particular areas of land. So basically, the land is sold by the square meter. Thus, companies determine how many square meters constitutes a half plot or a full plot.
“When companies buy land, companies look at the land they have purchased against the 3D design they have. For example, if we buy this land as a business, we have an idea of what we want to put there. So the size of all the land we buy should be fixed in the plan we have,” he added.