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EPISODE 8

 

John Stuart Mill says “Landlords grow rich in their sleep.”

INTRO

Today On the Show….

·       Find out the only Nigerian state to have received two consecutive positive ratings from ratings agency Fitch.

·       On Concept Sphere, learn how to make good use of your balcony

·       And our real estate face is, Otunba Olumide Osunsina, CEO Megamound Investment Limited

 

NEW STAMP DUTY: NIGERIAN INSTITUTION OF ESTATE SURVEYORS AND VALUERS URGES GOVT. TO REVERSE CHARGES

After examining the impact of the new stamp duty tax in the real estate sector, the Nigerian Institution of Estate Surveyors and Valuers (NIESV) has appealed to the Federal government to reverse the charges.

The President of the institution, Sir Emmanuel Wike, who spoke during a press conference in Lagos, said the timing for such increase by the Federal lnland Revenue Service (FIRS) is wrong.

Wike explained that housing and property development are already over burdened with multiple taxes that include, building plan fees, governor’s consent fees, capital gain tax, development levy, land use charge, capital transfer tax, withholding tax and Value Added Tax.

 

SOUTH-WEST: REAL ESTATE DEVELOPERS ASSOCIATION TO FIRM UP WORKABLE PROCEDURES FOR LAND ADMINISTRATION

To stem the myriads of problems hindering private sector-driven housing supply, property developers plan to begin talks with states in the Southwest region to arrest the situation.

The move comes on the heels of current national housing policy that emphasizes use of the private sector in growing the housing stock and providing jobs through construction activities as well as ensuring affordable homes.

Essentially, the developers under aegis of Real Estate Developers Association of Nigeria (REDAN) revealed that the new leadership intends to dialogue with senior government officials to firm up workable procedures for land administration and to establish a one-stop desk in all the states, namely, Ekiti, Lagos, Ogun, Osun, Oyo and Ondo to procure their documents.

 

INDIAN INVESTORS RETURN TO DUBAI PROPERTY MARKET

Cash-rich Indians have been re-entering Dubai property market in large numbers after a Covid-induced break, lured by attractive discounts and post-handover payment plans, property consultants say.

The recent months have also seen secondary markets in the United Arab Emirates (UAE) gaining traction with expatriate Indians, who intend to use the market conditions to upgrade from being a tenant to an owner, the consultants said.

Reports also confirmed the rising interest among wealthy Indian investors to take advantage of the current market conditions in Dubai.

Dubai has been a second home to many rich and famous Indians – Bollywood icons Shahrukh Khan and Shilpa Shetty among them – for many years.

 

REAL ESTATE FACE

OTUNBA OLUMIDE OSUNSINA

Otunba Olumide Osunsina is the Managing Director/CEO Megamound Investment Limited

The company are the developers of Carlton Gate Estate by Chevron Drive, Lekki and Lekki County Estate in Ikota, Lekki. Other developments of the company includes hotels and office complexes in different parts of the country.

Megamound Investment Limited (Megamound) was registered at the Corporate Affairs Commission in 1992.

Since incorporation, the company has carved a niche for itself particularly in the areas of construction, real estate development, management, dredging and financial intermediation.

The company has been heavily involved in real estate development and related activities on a stand-alone basis or as joint venture partner with reputable companies and high net worth individuals (HNI).

As a by-product, it has also developed considerable experience in equipment leasing, logistics and financial intermediation services especially in the area of provision of developer mortgage finance products to stimulate demand for its real estate products.

That’s our Real Estate Face: Otunba Olumide Osunsina

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Now to our Property Pick for the Week.

We are in Abuja …Barrister Terkuma Zasha takes us To Exceeding Grace Estate Mbora, 4 Bedroom Terrace Duplex For Sale and Biltmore estate, Behind Suncity where we have an Unroofed 4 Bedroom Semi-Detached Duplex with space for 2 room boys quarters.

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It’s been an exciting time out for me……hope it’s same for you. Property Mart with Gimalo returns next week. Call 0705 428 1181 for Property request or Property Advertisement. Thanks for being there. I appreciate you.


https://www.youtube.com/watch?v=DnB8xQQHWXU

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