Lagos Lands Bureau has stated that land transactions in Lagos state have slowed down to a record low of 30%. This is not unconnected to the current economic recession in the country.
This is after the state authorities slashed various rates applicable to land transactions from 13% to 3%. Consent fees was reduced to 1.5% from 6% while capital gains tax, previously 2% , was reduced to 0.5%.
The Permanent Secretary, Lagos state Lands Bureau, Bode Agoro, disclosed that people are not really transacting so much as result of recession, leading to considerable low rate of revenue.
According to him, there has been decline in governor’s consent, which used to be the highest revenue generating arm of the bureau.
He stressed that the bureau has embarked on series of changes to speed up the process of getting governor’s consent in order to attract more people and arrest the decline.
The Permanent Secretary also said the Bureau has fortified the land registry by creating a quality control unit to block all noticeable leakages in the past.
The bureau also embarked on a zero tolerance for staff inducement and re-orientation of workers on how to communicate with customers.
Lagos Lands Bureau to Start Online Application For Lands
He also stressed that the Bureau has secured approval from the governor for an integrated land administrative system. This will make members of the public to submit their applications online and be processed by the Bureau. This will kick-off at the end of the year.
Under this system, land will be made a secondary market for mortgages so that the Bureau will be in a position to guarantee titles issued.
He stressed that the bureau is committed to the project by creating enabling environment where the land registry should be secured in order to vet and scrutinize all applications.
According to him, the process will involve the scanning of all the documents and when completed insurance companies will pay buyers the cost of that transactions just as it is done in market of shares.
On the issue of land allocations, he said, the government is presently processing backlogs of allocations done by the past government as over 5, 000 C of Os have been issued by Governor Akinwunmi Ambode.
He said that the bureau has adopted an electronic system to take care of double allocations as well as shortening by the process to get optimum productivity.