Home > Breaking > INCREDIBLE: Lagos State reduces charges on land transaction from 13% to 3%

INCREDIBLE: Lagos State reduces charges on land transaction from 13% to 3%

In view of its commitment to improving the ease of doing business, minimizing costs and stimulating private investments in real estate development, the Lagos State Government has approved the adoption of fair Market Value for all land and landed property transaction in the State.

Permanent Secretary, Lagos Lands Bureau, Mr. Muri Okunola, who disclosed this at the Ministerial Press Briefing to commemorate the Fourth Year, Second Term in office of Governor Babatunde Raji Fashola’s administration at the Bagauda Kaltho Press Centre, Alausa, Ikeja, added that the government has further reduced the charges on same from 13% to 3%.

According to him, “The new rates will reduce the percentage chargeable to an internationally acceptable standard without any adverse effect on revenue as well as enhance transparency in all land transaction and assessment”.

“It will also eliminate unnecessary bureaucracy and corruption while promoting cohesion and interoperability among government’s agencies”, he said.

On the issue of electronic Certificates of Occupancy, Okunola noted that the change in the State’s Certificate of Occupancy (C of O), as regards government schemes, to the Electronic Certificate of Occupancy (E-C of O) is a gradual process that will culminate in the phasing out of the yellow paper certificate of occupancy, which he maintained, is still a valid land title document for the time being.

Okunola reiterated that under the Electronic Certificate of Occupancy (E-C of O) project, which had commenced in January 2014, a total of 2,230 Electronic Certificates have so far being processed; 1,000 have been issued, while others are at various stages of completion.

The State Surveyor-General, Surv. Joseph Agbenla, while speaking at the event, said the robust Lagos State Geographic Information System (LAGIS) undertaken by the present administration has transformed survey issues in the state, stressing that this has consequently translated into a high level of efficient and effective customer service delivery.

He emphasised that with the LAGIS project, the State Government will have in its possession GIS Database of Imagery, digital Maps, Bathymetric Data, Ortho Photo Maps, Geodetic data, Transportation Data and Tourism Data amongst others for the entire State.

For up-to-date information on happenings on the Lagos Mainland and indeed in the Lagos metropolis follow us on twitter @insidemainland or call 0902 2222 226 for any breaking news.

 

Comments

comments

Correspondent

InsideMainland correspondents are poised to provide first-hand information where ever the news breaks on the Lagos Mainland. For breaking news, call us on 09022222226 or email enquiry@insidemainland.com
Check us on Twitter @Insidemainland

http://insidemainland.com