We wrote a while ago that the Ogun State government recently introduced a scheme tagged, "Ogun State Homeowners Charter" which is aimed at regularizing Property Titles in Ogun State. The exercise was initially billed to end on February 28 but has been extended to March 31st, 2014. Reports indicate that quite a good number of property owners in Ogun State availed themselves this rare opportunity to sort out their Property Titles. Typical of events in Nigeria, people were said to be initially skeptical about the program but when they realized it was for real, there was a mad rush to benefit from the scheme.
The process is said to be transparent and without hitches. It is estimated that there could be up to 7 million undocumented properties in Arepo, Magboro, Ibafo, Asese and Mowe. Recall that the Ogun State government waived accumulated penalties and offered upwards of 80% discount to property owners contrasted with the prevailing cost prior to now where homeowners were said to spend upwards of half a million naira to regularize their property documents. Under this scheme, Prospective applicants are required to purchase an application form with five thousand naira. Ten thousand naira will be paid while submitting the completed forms. A typical 4-bedroom bungalow sitting on a plot of land will cost about N110,000 as against N430,000 prior to now. Some of the required documents to be presented by applicants include purchase receipts, agreement, architectural drawing, survey plans amongst others.
One of the factors that facilitated the Homeowners Scheme is the fact that Homeowners Charter Centres were replicated across the nook and cranny of the State unlike before where applicants had to commute to the State Capital to process their title documents.
The Homeowners Charter Scheme is a win-win. Applicants get a good deal while the program has the prospect of boosting the Ogun State Internally Generated Revenue (IGR) to the tune of N550 billion if at least 5 million property owners avail themselves of this opportunity. This program is also having a multiplier effect on other businesses as architects, surveyors and other professionals offering ancillary services are services are smiling to the banks.
If you have an undocumented property in Ogun state, do make use of this opportunity while the lasts.