CONSTRAINT TO LAND TITLING BY REAL ESTATE DEVELOPERS IN LAGOS STATE

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Product Code: 00000629

No of Pages: 48

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ABSTRACT

This study examines the constraints to land titling by Real Estate Developers in Lagos State Nigeria, using Victoria Island and Lagos Island as a case study. To establish the above aim, questionnaires were administered to 50 respondents, which constitute the developers in the study area, Estate surveyors and valuers firms and Estate Development Firms. The research carried out reveals that land titling has a great influence on the development of properties both residential and commercial properties. As deduced from research, the impact of land titling leads to decrease in court cases problems, it enhances quality development. It gives room for job opportunity in term of large no people that would be employed during construction process. It add value to the economy sector, it enhances town planning laws. The research makes recommendation that a title to land should be obtained before any development and that government should make land titling more easier and cost effective for the developers and citizen as a whole. Also, the government should ensure that the knowledge of expert should be sought before making laws that will affect title to land.









TABLE OF CONTENTS

                                                                                                                                                    Page

Title Page                                                                                                        i

Certification                                                                                                            ii

Declaration                                                                                                           iii

Dedication                                                                                              iv

Acknowledgement                                                                                        v

Table of Contents                                                                                           vi

Abstract                                                                                                        viii

 

CHAPTER ONE: INTRODUCTION

1.1       Background of the Study                                                                              1

1.2       Statement of Problem                                                                              3

1.3       Research Questions                                                                                  4

1.4       Aims and Objectives of the Study                                                       5

1.5       Significance of the Study                                                                         5

1.6       Scope of the Study                                                                               6

1.7       Definition of Terms                                                                             6

 

CHAPTER TWO: LITERATURE REVIEW

2.1       Introduction                                                                                              8

2.2       Land                                                                                            8

2.3       The Land Problem                                                                           9

2.4       The land Titling                                                                                        9

2.5       Land Titling In Ghana                                                                            10

2.6       Land Titling In South Africa                                                                        11

2.7       Land Titling In Lagos State                                                                    12

2.8       Certificate of Occupancy                                                                  13

2.9       Governor’s Consent to an Assignment/ Mortgage/ Lease/ Sublease      19

 

CHAPTER THREE: RESEARCH METHODOLOGY

3.1       Introduction                                                                                       24

3.2       Research Design                                                                                   24

3.3       Research Area                                                                                      25

3.4       Research Population                                                                               26

3.5       Data Types and Sources                                                                        26

3.6       Sample Size                                                                                           27

3.7       Sampling Technique                                                                             27

3.8       Instruments of Data Collection                                                           27

3.9       Re-Instatement of Research Objectives                                             27

3.10    Identification of Research Variables                                               28

3.11    Method of Data Collection                                                                  28

3.12    Method of Data Analysis                                                                     29

 

CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS

4.1       Introduction                                                                                          30

4.2       Presentation of Data According to Responses                                       31

4.3       Presentation and analysis of Data based on Research Objectives             39

 

CHAPTER FIVE: SUMMARY OF THE RESEARCH, CONCLUSION AND RECOMMENDATIONS

5.1       Summary of the Research                                                                     40

5.2       Conclusion                                                                                         41

5.3       Recommendations                                                                                 42

Reference

 





 

CHAPTER ONE

INTRODUCTION

1.1       Background of the Study

 

For a country striving to be one of the twenty largest economies in the world by the year 2020, the situation with respect to land titling and transactions in land still leaves very much to be desired. The World Bank publication on “Doing Business in Nigeria 2010” rated Nigeria 178th out of 183 economies in respect of difficulties of registering properties in the country.

Mabogunje, (2007) attributed this to the following reason “a large share of land in the country is not formally registered whilst informal titles cannot be used as security in obtaining loans which limits financing opportunities for businesses” especially small and medium-size enterprises. If Nigeria is to meet the challenges of competing effectively in an increasingly globalizing world, it is imperative that it gives very urgent and sustained attention to promoting its land reform program in all of its ramifications to facilitate property development.

The benefits of land titling go beyond the private sector. For governments, having reliable, up-to-date information and land registries is essential to correctly assessing and collecting tax revenue. Looking at the situation in Thailand, where annual revenue from property and transfer taxes rose from $200 million in the 1980s to $1.2 billion by 1995, Anthony (2002) observes that a land titling program that increased the number of registered property owners during the 1980s is perceived to be one of the reasons for the increase.

With up-to-date land information, governments can map the different needs in their cities and strategically plan the provision of services and infrastructure in the areas of each city where they are most needed. Land titling can also help in planning the expansion of urban areas. This is especially important in economies prone to natural disasters. When there is no planned urbanization, informal dwellings and slums abound, especially in areas that surveyors identify as being at high risk from disasters. Tools such as cadastres and survey maps can be used in city planning, as part of the land information system of a city, to avoid or mitigate the effects of environmental or climate-related risks on urban populations (Atuahene, 2003).

In Ghana land titling is a very important investment any individual can ever make. After acquiring a land from a trusted agent, it is important to get it registered. It is also important to note that it is always advisable to follow due diligence to avoid being dragged into a never conclusive land dispute by ensuring that you are dealing with the rightful owner of the land recognized by law (Osei, 1993).

South Africa has an excellent land titling system, bondholders (usually the banks) can securely provide mortgages to buyers because their investment are considered safe, in that no property may be transferred or disposed of without the mortgage bond being cancelled. The registrar of Deed will not cancel the mortgage bond unless it receives written consent from the bondholders, which will simultaneously be lodged with the transfer of the property.

Land titling in Lagos State is aimed towards enabling the states to be effective managers of land. It is aimed to provide a systematic cadastral survey of land in the entire state. Security of tenure and land rights of citizen is an important foundation for economic development in Nigeria. For many of these land titles are the main source of collateralization for obtaining credit from informal and established

1.2       Statement of Problem

Land titling is essential for economic development of a nation, The Nigerian Nation had a multiplicity of land titling system depending on its states. Lagos state is seen as a defining attributes on which land titling is of a durable and reliable standard where record of right and interest in land such as certificate of occupancy ,Governors consent  etc are registered in numbers for individual and collective interest in land.

As recorded in the World Bank its ‘Doing business’ reports; the procedures and cost of transferring property in Lagos State is too cumbersome and the process of transferring property starts by obtaining the necessary documents such as copy of seller’s title if necessary, and conducting due diligence search.

Also, Lagos State government is saddled with the responsibility of encouraging and assisting individual, real estate developers and cooperate bodies on the need and importance of registration of titles to their land and also the procedures, costs and necessity of registering the transfer of land from one person or group of people to another.

Research in China has found that more than 40% of citizen lack written document to confirm their land right and that government can easily take away or sell off their land right but when land titling has been implemented, both citizen and real estate developers invest and benefit from their investment and they estimate that secure land title represent the equivalent of $1.2 trillion in citizen’s hand. Landesa, (2009).

However, there are clear evidences that development takes place in some areas of the state without obtaining their title documents. It is clear that this problem will continue to persist until government formulate policies that will ensure that adequate measure are being taken to reduce the cost and processes involved in title ownership to land as this will motivate both individual and real estate developers to secure land title before any development will take place.

Moreso, the researcher is providing an overview of the constraint to land titling by real estate developers in Lagos State. Considering the issues and strategies, this study is a wakeup call for the government to formulate policies that will reduce the process and cost of land titling to individual and especially to real estate developers as they are one of the bedrock of development.


1.3       Research Questions

This research work has been structured to answer the following questions:

1.                  What are the limitations to land titling by real estate developers in Lagos State?

2.                  What are the problems associated with land titling by real estate developers in Lagos State?

3.                  What are the solutions to the limitation to land titling by real estate developers in Lagos State?


1.4       Aims and Objectives of the Study

The aim of the study is to assess the challenges faced by real estate developers in land titling processes in Lagos State and make recommendation on how it can be ameliorated.

Specifically, the objectives of the study are:

(1)              To know the processes and steps to land titling in Lagos State.

(2)              To identify is the cost associated with land titling processes in Lagos State.

(3)              What is the duration of Land titling processes in Lagos state as experienced by real estate developers.

(4)              To make recommendations can be made to enhance the efficiency of Land titling in Lagos State.


1.5       Significance of the Study 

The importance of this research is that it will creates awareness on the importance of land titling on the property market which enable land and property owners and real estate developers achieve optimum return on their investment. This study would be helpful in identifying positive importance of land title on the property and suggesting method to improve more.

The outcome of this study will educate estate surveyor and valuer, lawyers, students and the general public on the issues problems and solutions to the constraint of land titling by real estate developers with a view of identifying the inadequacies. This research will also serve as a source base to other scholars and researcher interested in carrying out further research in this field subsequently, if applied, it will go on to an extent to provide new explanation to the topics.


1.6       Scope of the Study                                  

This research work is intended and structured to examine the quality of land title on the property market in Lagos metropolis as Lagos is a fraction and the smallest state in Nigeria with about 356.861 hectares of which 75.755 hectares are wetland yet the states that has the highest population of 17,552,942 million representing 12% out of national population presumed to be 150 million with growth rate of between 6% and 8%. Lagos population is growing ten times faster than New York and los Angeles and land is seen as defining attribute on which the Lagos state government based its income coming capacity. Okupe, (2002).        

          

1.7       Definition of Terms

Land: Is the solid surface of the Earth that is not permanently covered by water. The vast majority of human activity throughout history has occurred in land areas that support agriculture, habitat, and various natural resources.

Land Titling: Is a form of land reform in which private individuals and families are given formal property rights for land which they have previously occupied informally or used on the basis of customary land tenure.

Land Administration: Is the way in which the rules of land tenure are applied and made operational. Land administration, whether formal or informal, comprises an extensive range of systems and processes to administer.

Land Registration: Is the recording of right and interest in land as evidence by instrument. Instruments or deeds that could be registered include leases, conveyances, assignments, mortgages, gift, tenancy agreements probate and will, letters of administration, vesting asset etc.

Land rights: is the possession of ownership to land through a valid title document such as certificate of occupancy, governors consent etc.

 

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