Collaboration between Government and Real Estate Players is Key

Collaboration between Government and Real Estate Players is Key
Lagos, Nigeria; September 14, 2017: BabsGbollys Properties a boutique real estate agency has
announced the launch of its Commercial Advisory Services. The new division, offers
comprehensive commercial services, specializing in investment sales, landlord and tenant
leasing representation and strategic asset positioning. The Commercial Advisory Services will be
handled by BabsGbollys Properties team of realtors known for being skilled negotiator with a
reputation for creating successful outcomes for investors and tenants alike with years of
commercial investment, development and brokerage experience.
Speaking on this new service offering, the MD/CEO of BabsGbollys Properties Ltd., Mr. Babalola
Odunuga said “As BabsGbollys Properties continue to experience rapid growth, commercial
development and real estate ranks high for investors and we are keen about playing pivotal role
in helping them secure the right land and properties. The Commercial Advisory Service will help
strengthen businesses and allow the team to be the provider for our clients and their
commercial projects. The team will handle leasing, tenant representation and investment sales
for office, industrial, retail, medical, special purpose, flex, and multi-family spaces.”
On challenges facing the industry, Mr. Odunuga said “If government can speed up the process
of signing gazette application, it will give investors more confidence to buy and invest their
money in real estate. This will also help in quick development in the rural community. The
essence of a Gazette cannot be overemphasized as this very powerful document authenticates
what the community owns. When the Gazette is readily available, a community can only sell
lands to people within those lands that have been excised to them and the community or family
head of that land has the right to sign valid documents for such purchases.

This way you can easily get a surveyor to chart the site and take it to the surveyor general’s office to confirm
whether it falls within the gazette and spell out which particular location it can be found. It is
advisable not to assume that the land is not covered by a gazette and purchase it without seeking professional help so as not to fall prey to people who might sell you land that is not
excised to them.”
“Lack of basic infrastructure is part of challenges in real estate, like good layout and other basic
ammenities. These needs to be in place for such community to attract investors. Land grabber,
is another challenge in d industry (Omo onile) government needs to create new laws to force
them out of d area. Government also needs to enforce the law on land grabbers and also
engage the community leaders, like the obas, baales and local government executive to identify
such perpetrators.

They need to have regular stake holder’s meetings where they engage,
inform and spell out the repercussions of encroaching on government land, but it will be more
advisable to enlighten the public more on areas that belongs to government. This is necessary
because majority of the new estates in free trade zone area are actually government land which
investors bought land grabbers.”



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