Landed property in Nigeria is of two classifications which can either be free from the government or acquired. For land to be free from government acquisition, it means the government has no interest in the land and such land is safe to invest in. On the other hand, land that is classified as acquired means such land is not safe to buy.
Have you ever come across a scenario where government officials are demolishing certain buildings because their owners failed to perform due diligence before building on a committed land.
This post will educate you on the safe land to invest your hard-earned money on.
Types Of Land Classifications In Nigeria
Land can be classified into two major types of acquisition
- General acquisition
- Committed acquisition
General acquisition: It is generally known that all lands belong to the state government and every state has a master plan for development. As more people migrate to the urban areas, these master plan changes led to the perfection of land before erecting a building on it. A landed property that is generally acquired can only be free when it undergoes a process called EXCISION
What is Excision: Simply put taking apart from a whole. Excision in real estate is a process where government frees a portion of land that is not under government acquisition to an individual or a company. Such lands record is published in the official record book called GAZETTE. The gazette of such land can be used to process the CERTIFICATE OF OCCUPANCY.
However, there are some lands made available for sale while their excision is processing. Such lands are usually cheap and they have no title other than Survey and Deed of Assignment. Although experts in the last edition of Grow Your Wealth With Real estate show, organized by Thinkmint Nigeria, know that such lands are not safe to buy. But if you will be investing in such land, ensure you buy from a reputable real estate company.
Committed Acquisition: These are the land that the government has shown interest in for certain purposes best known to the government: commercial, government residential area, or agriculture. Investing in such land is just a total waste of money because you failed to carry out your due diligence. Rumors had it that government cannot destroy many residential buildings on a large expanse of land. This is not a thing to joke with. Ensure you avoid such lands.
In conclusion:
Having understood the two land classifications in Nigeria, it is pertinent to carry out your due diligence before putting your hard-earned money on any property to avoid stories that touch.