Government house allotees have 90 days to regularise ownership

The Lagos State government has given a 90-day period within which any allottee in any of the 95 state government housing estates, who has not yet completed the registration of his title documents, can do so.

The 90-day period will commence from April 15 to July 15, as disclosed by Babatunde Fashola on Thursday at the second stakeholders' meeting on documentation and registration of subleases by state government housing agencies.

"The initiative," said Gbenga Ashafa, the permanent secretary for the Lands Bureau, "is aimed at encouraging allottees to obtain their title deeds and register them at a considerably reduced rate of charges."

As an encouragement, the state government announced a concession fee for about 22, 000 allottees that had received their letters of allotment on or before Dec. 31 1999.

Mr. Fashola said the concession is initiated to encourage the allottees to "come forward, obtain their title deeds and register such at the Lands registry, at a considerably reduced lump sum payment."

Old and retired

Another reason for the concession, according to Mr. Fashola, is that the required expenses for the registration of title documents may be too high for the qualified allottees "who are now old and retired."

Anyone that qualifies for the concession will pay N10, 000 for the low income estates, N15,000 for the medium income estates, and N20,000 for the high income estates, whichever is applicable.

According to Aina Salami, the senior special assistant to the governor on lands, anyone who fails to take advantage of the concession within the 90-day period, will have to pay the required statutory fee.

Mr. Salami, while explaining the procedure, said the documentation/registration of sublease application forms can be obtained, without charge, at any of the three housing agencies - the Ministry of Housing, Lagos Building Investment Company (LBIC) and Lagos State Development and Property Corporation (LSDPC).

After filling the forms, the appropriate amount is to be paid into any of the five banks accredited to collect the "sublease perfection account" on behalf of the state government.

We are creating wealth

Mr. Fashola said the plan to issue "Deed of Sub-lease" to allottees that will register and document their properties, will enhance wealth creation.

He explained that many of the allottees that have attempted to obtain loans from financial institutions have been denied such because their allotted flats are not acceptable as collateral to the financial institutions.

"What we are here to do today is to wake up your dead assets, put them in prescribed form, and transfer them from mere allocation letters to title deeds that are stamped, registered, and traceable, that will create collateral and bring you to a new world of wealth," he said.