Housing Deficit: Financial Group Advocates Land Banking Initiative
A group, Aimart Realtors, has recommended land banking, a real estate investment scheme, as a way out of the increasing housing deficit in the country.
Aimart Realtors, which made the recommendation at a seminar in Lagos, recently, said, “Land banking involves buying large blocks of undeveloped land with a view to selling the land at a profit when it has been approved for development.”
One of the speakers, Mrs. Sarah Ene Unobe, discussed man’s basic need for shelter, stating that the importance of human right for shelter was that all persons have the right to be sheltered.
She said, “People need to invest in land banking. They should invest in the future and not wait on the government to secure that right of shelter for them.
“The right to shelter is key and that is where land banking comes in. People need to invest in the kind of homes they want.”
Adetolu Adetoye, the Chief Executive Officer of Asapha Limited, noted that financial freedom becomes a mirage when there is no financial education.
He said, “Financial freedom is built over time and not overnight. In this case, Nigerians should get the right financial knowledge and information when it comes to land banking.”
Also speaking, Tade Esan, popularly known as Tade Cash, harped on the economic advantage owning a property offers a typical Nigerian.
In an interview afterwards, the Chief Executive Officer of Aimart, Iluyomade Bukola, said the essence of the programme was to educate Nigerians on the new form of money.
He said, “It is no gainsaying that the new form of money is in tying down cash on something with real value, in this case land, which is indestructible.
“If you must know, 70 per cent of the land in Nigeria is not titled, so such people cannot device wealth out of it. We are sitting on gold but we do not know.
“We want people to see the advantages of owning a properly documented land without hassles.”
On Aimart spreading its wings to other parts of the country, especially to the South-East and South-South, he said it would be done shortly.
“It’s something we are planning. Already, we have properties in Oyo, Ogun, of course Lagos too, but we are planning on expanding to other regions.”