Home » Real Estate News » Estate Surveyors Lament Abandoned Projects, Offer Solution To Quick Delivery
Lagos only has 500 registered estate agents – ERCAAN

Estate Surveyors Lament Abandoned Projects, Offer Solution To Quick Delivery

Lamenting over the rate of abandoned projects’ throughout the federation, surveyors, under the aegis of Nigerian Institution of Estate surveyors and Valuers (NIESV) Board of Faculty, at its meeting last week, said the government of Mohammadu Buhari should make a difference and ensure delivery of all major projects.

In their opinion, proper valuation of projects is sine-qua-non to effective implementation. If a contract has been well documented, abinito, it would be difficult to engage in variation, a path for possible contract abandonment.

Speaking on the issue, Chairman, Faculty Project Management and Development, Mr. Niyi Fatokun, an estate surveyor and valuer, stated that contract not properly evaluated would lead to variation.

According to him, it would require the services of an expert, like NIESV member, who is competent in the business to give the necessary professional advice.

READ ALSO – “NIESV is not just an institute but an institution” – Femi Atoyebi

“Contract may be abandoned if there is insufficient fund to execute it and this may be attributed to incompetent valuation right from the beginning. So, to avoid abandoning project in the country, especially, government projects, estate surveyor and valuers’ involvement at the conception of such project is very important”.

Similarly, practitioner, Secretary, Faculty Housing, Mr. Casmir Anyanwu, who spoke specifically on housing project, noted that for Nigeria to make head way in housing delivery and avoid abandoning of housing projects, noted that involvement of community was very germane.

According to Anyanwu, idea of communities and associations to be involved in housing delivery would bring desirable results into the real estate sector, noting that they can form cooperative societies, whereby their members apply for loan. “With this they would be able to access mortgage facilities by which their members would be paying installments”.

Defending the legitimacy of NIESV’s as the only body whose members are authorised to carry out valuation exercise in Nigeria, the same role that made the body to be at loggerhead with the engineers, Mr. Samson Agbatan, Chairman, Faculty, Valuation and Compensation, said engineers are competent to determine the operational aspects of plant, equipment or machines, but added that true valuation in the market is within the purview of NIESV.

Other issues discussed are the contradictions inherent in the controversial Land use Act, that made compensations difficult to determine. The association believed that the act that vested land in the hand of government, put property owners at a disadvantage in the event of revocation of the properties’ title for “overall public interest”.

NIESV believes that the act is unjust because by the time such land was taken over, it is only property at the depreciation level that would attract compensation, with land excluded from attracting compensation.

They, therefore, called for either total abrogation of the act or its complete review.

Leave a Reply

Your email address will not be published. Required fields are marked *

*