Government Allocated Land: What You Need to Know!

Government Allocation in real estate typically refers to the process by which the government grants land or property to individuals, organizations, or developers for various purposes such as residential, commercial, or industrial use.

So asides buying land from Omo-onile or families, another known way of acquiring land in Nigeria particularly in Lagos state, is to buy directly from the government. When you buy directly from the government, by following the due process and documentation procedures, this land is called a Government Allocated Land which can be perfected by processing the Certificate of Occupancy (CofO).

Before delving into the details of how allocation works in Lagos State, it is crucial to understand its significance. Government resource allocation is essential for navigating this dynamic environment, ensuring security, legality, and regulatory compliance.

Lagos state government for example have designed various parts of the states into a scheme for allocation purpose and easy administration by the various management agencies.

Types of Government Allocation: Government land allocations are for various purposes, including residential, commercial, industrial, agricultural, or mixed-use developments.

 

ADVANTAGES OF GOVERNMENT ALLOCATED LAND

Legal Compliance and Ownership Assurance: Government allocation provides legal recognition and ownership rights over property. Acquiring land through government allocation ensures that ownership is officially backed by the government, offering buyers peace of mind and legal assurance. This reduces the risk of ownership disputes and creates a secure basis for property investment.

Protection Against Fraud and Land Disputes: Lagos State, like many urban centers, faces challenges with land fraud and disputes. Government allocation provides protection against these risks by ensuring the property is duly vetted and approved by relevant government authorities. This minimizes the chances of issues with forged documents or conflicting ownership claims.

Compliance with Zoning Regulations and Urban Planning: Government allocation ensures properties align with zoning regulations and urban planning schemes, promoting orderly and coherent urban development. This prevents haphazard growth and preserves the city’s aesthetics. Buyers can be confident that their property is in a designated zone suitable for its intended use, whether residential, commercial, industrial, or mixed-use.

Investment Confidence and Market Value: Properties acquired through government allocation typically inspire greater confidence among investors and buyers due to their legitimacy and compliance with regulatory standards. These properties are viewed as safer investments with stable market values, attracting buyers seeking long-term appreciation and returns.

Summary:

  • Government allocation ensures that land is utilized in the best interest of the public and for the overall development of the country.
  • The allotee has a maximum guarantee and security over the land incase of future development.
  • Proper land planning and management following the land use plans, zoning regulations, and development guidelines to ensure the orderly and sustainable use of land.
  • The land comes with the perfect documentation.

Conclusion:

The process of acquiring land directly from the government may be tedious, but it has its advantages in terms of land ownership and safety. Real estate companies have made this process easier by acquiring lands in bulk directly from the government and resell to the public.

Consult your trusted real estate broker for more details.