Real Estate News

The Federal Inland Revenue Service (FIRS) has explained that there is no basis for landlords to embark on rent increment in relation to the stamp duty payable on tenancy and lease agreement by tenants in the country. FIRS had, about a week ago, mandated landlords and property agents to charge six per cent stamp duty on all tenancy and lease ...

Award of 27 stadia by the former governor Emeka Ihedioha administration is presently generating controversy in Imo State as the contract sum, including that of other road projects allegedly running to over N50 billion was said to have been awarded 80 percent mobilisation fee paid. This is just as the controversial contracts have been abandoned by various contractors. A social critic ...

The Minister of Works and Housing, Babatunde Fashola, on Tuesday, commenced an inspection tour of the Federal Government’s road projects in Lagos State. The minister kicked off the inspection at the Apapa-Oshodi-Ojota-Oworonshoki Expressway reconstruction project, then moved to the Third Mainland Bridge which has been partially shut for repairs. The bridge was shut on Friday and will remain shut for ...

There is palpable fear as the federal government has commenced the process of recovering about 149 of its properties that are illegally occupied across the country. Investigation reveals that the government through an agent has initiated a lawsuit at the High Court of Lagos State for the recovery of possession of the properties through Order 57 of the Civil Procedure ...

A three- storey building under construction in Abakaliki, capital of Ebonyi has collapsed. The building is located at Nkaliki Road opposite the Abakaliki Local Government Council Headquarters in Ebonyi State. Newsmen reported that no life was lost in the incident as workers had not resumed for work at the time the building collapsed. Top government officials, including the Secretary to ...

The Federal Government is set to fix 44 roads with the Sukuk funds raised in the bond market. This was disclosed by the Minister for Works and Housing, Mr. Babatunde Fashola when the sovereign Sukuk Symbolic cheque of N162.55 billion was presented to him by the Minister of Finance, Mrs. Zainab Ahmed in Abuja. What it means: It means that with ...

The House of Representatives has expressed worries over the pace of work on the second Niger-Bridge and the completion of Abuja-Kaduna and Lagos-Ibadan road projects. The chairman, House Committee on Works, Abubakar Kabir, disclosed the displeasure of the parliament over the three projects, considered critical to federal government, at an investigative hearing organised by the committee, on Tuesday. The committee ...

A SURVEYOR, Sola Enitan, has said the real estate sector is over-regulated. He noted that regulation had its merits, a key aspect of development appraisal that gives credence to the project feasibility and viability, without which public interest may be missing and environmental sustainability endangered. He, however, frowned at what he described as over-regulation by some state governments, particularly Lagos. ...

 The National Economic Council (NEC) in a virtual meeting presided over by the Vice President, Yemi Osinbajo, on Thursday at the Presidential Villa, approved the construction of 300,000 mass housing units in all the states of the federation and the Federal Capital Territory (FCT). The project, with an average of ten thousand homes per state, would have a nationwide mortgage ...

The LASG has warned residents against some swindlers who parade themselves as agents engaged by the State Government to sell housing units in the state-owned Housing Estates to unsuspecting people. Moruf Akinderu-Fatai, the State Commissioner of Housing, gave the warning during a monthly review of the activities of the ministry on Friday. “ The general public should be wary of ...