Members of the Nigerian Institution of Estate Surveyors and Valuers have asked the Lagos State Government to create the office of a valuer-general in the state to help make real estate transactions easier.
The Chairman, Lagos branch of NIESV, Mr. Offiong Ukpong, who led other members on a courtesy visit to the office of the Permanent Secretary, Lands Bureau, said this would boost yield on real estate investment, especially when foreign investors come into the state.

“There should be a custodian of value of assets for the state. We don’t have a valuer-general to set out land policies but if there is such policy from the government, there will be return on investments. As a centre of excellence, if Lagos starts this process, all the other states will continue from there,” he said.

According to him, the creation of the office will help to regularise real estate practice in the state.

Ukpong also urged the state government to review the aspect of the Lagos State Land Use Charge which places charges on the capital value of an asset.

“The Land Use Charge generates revenue but its implementation is problematic. It is charged on capital value which is sometimes more than the annual income an asset generates. Let it be reviewed and taxed on income so that people can have a feel of governance,” he said.

The professionals also asked for a piece of state land with which to build an estate.

The Permanent Secretary, Lands Bureau, Mr. Bode Agoro, said the state government would work to expand valuation by creating the office of the valuer-general.

“We are working on expanding the valuation office and this could be part of the arrangement,” he added.

Agoro said the bureau was also working on a system where all real estate brokers interested in transacting land business in the state would be registered.

“We are working to re-orientate real estate brokers by registering them with the Lands Bureau; land matter is not easy, so we are also working on upgrading our staff to reposition the bureau,” he stated.

On the Land Use Charge, Agoro said the state Ministry of Finance had taken over its implementation but that the bureau would keep making representation towards its review.

The Executive Secretary, Land Use and Allocation Committee, Mr. Olukayode Ogunnubi, said there were efforts to reposition the bureau to aid it in providing more professionalised services.

Source – PUNCH.