residential – 9japroperty http://9japroperty.com.ng All you need to know about properties Mon, 05 Sep 2016 14:09:24 +0000 en-US hourly 1 https://wordpress.org/?v=5.4.15 Odu’a commits huge funds to rebuild residential estate http://9japroperty.com.ng/odua-commits-huge-funds-rebuild-residential-estate/?utm_source=rss&utm_medium=rss&utm_campaign=odua-commits-huge-funds-rebuild-residential-estate http://9japroperty.com.ng/odua-commits-huge-funds-rebuild-residential-estate/#respond Mon, 05 Sep 2016 14:09:24 +0000 http://9japroperty.com.ng/?p=4927   THE Chairman of Odu’a Investment Company Limited, Dr. Isaac Akintade, has expressed the conglomerate’s desire to resuscitate its investment drive in property business by building blocks of flats and duplexes and refurbish its derelict properties. During the turning of the sod and foundation laying ceremony for four units of four-bedroomed flats and three units […]

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THE Chairman of Odu’a Investment Company Limited, Dr. Isaac Akintade, has expressed the conglomerate’s desire to resuscitate its investment drive in property business by building blocks of flats and duplexes and refurbish its derelict properties.

During the turning of the sod and foundation laying ceremony for four units of four-bedroomed flats and three units of five bedroomed duplexes with adjoining lodgings at the Jericho GRA in Ibadan, the chairman said the project was part of the efforts of the board of the company to reinvest in the building sector in order to improve on its earnings.

He explained that the project would gulp several millions of naira and that part of the visions of the company was to turn most of its derelict properties as well as those not yielding much income into modern structures that would enhance value and boost the company’s financial base. The complex named Project Ace is sited on an approximately 4,500 square metre piece of land and it is estimated that the project will be completed within the first quarter of 2017.

 

Akintade also reinstated the determination of the board and management of the company to engage in activities that would further promote and enhance rapid economic development of the owner-states in particular and the country in general.

He said, “The code name Project Ace explains our new foray into property development project. With much determination, the board and management believe this will be a continuous process as it is part of the group’s ambition to engage in activities that would further promote and enhance rapid economic development in our states in particular and the country in general.

“The board and leadership team of Odu’abelieve in the vision of turning most of its derelict properties and those that are not bringing much income into modern building thereby enhancing value. I wish to re-affirm that our ultimate goal is to preserve, nurture and improve the economic heritage of our people.”

In his remark, the Group Managing Director and Chief Executive Officer of the company, Mr. Adewale Raji, said the board embarked on the project to create a special property brand, while also saying that the company was equally making effort to redefine its identity.

He said, “The board has looked at what the challenges are and how we can best address them. There have been a lot of projects that have not been completed basically because of the strategies behind them or maybe they were not thoroughly thought of. For a commercial enterprise, the element of a customer is crucial. We have looked at it from the context of what customers want and it is what they want that we must do. This project is actually thought through and it will deliver on the promises that meet what the customers want in terms of time delivery, quality and cost.”

 PUNCH.       

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Firm plans new N500m residential project http://9japroperty.com.ng/firm-plans-new-n500m-residential-project/?utm_source=rss&utm_medium=rss&utm_campaign=firm-plans-new-n500m-residential-project http://9japroperty.com.ng/firm-plans-new-n500m-residential-project/#respond Mon, 15 Aug 2016 10:06:26 +0000 http://9japroperty.com.ng/?p=4841 The management of Tetramanor Gardens Limited has unfolded plans for a new residential project at an emerging area of the Costain-Iponri area of Lagos, known as Olaleye New Town. The estate, according to the developer, is a new mid-market residential development planned for delivery within the first quarter of next year and estimated to cost […]

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The management of Tetramanor Gardens Limited has unfolded plans for a new residential project at an emerging area of the Costain-Iponri area of Lagos, known as Olaleye New Town.

The estate, according to the developer, is a new mid-market residential development planned for delivery within the first quarter of next year and estimated to cost N500m, while a team of construction professionals from Baron Architects and 225MM Construct are undertaking the project.

According to the Business Development Manager, Tetramanor Gardens Limited, Mr. John Beecroft, the development is as a result of an extensive survey with a view to meeting the needs of the targeted market.

He said the estate would offer a community where kids could live life to the fullest in spaces specially designed for them.

Beecroft stated, “Modalities for facility management will also be agreed upon between Tetramanor and owners vis-a-vis the extent of services and duration of backup power. To cater for the various family sizes, we chose to mix the house types ranging from three-bedroomed condominiums, to four-bedroomed townhouses with maid’s rooms.

“In line with providing exactly what people want, our property comes fully finished, curtailing that itchy-feeling inside us that wants to furnish them just the way we envisioned. Still, we will be providing our buyers the option of working with our interior decorator to get that taste of the heaven we imagined. All rooms are en-suite.”

According to Miss Folawunmi Banjo, an engineer with 225MM Construction Limited, the project is planned for delivery in 15 months and comprises of blocks A, B and C.  While blocks A and B are terrace apartments, block C hosts condominiums.

“Each unit in the gated community has a title of Deed of Sublease. All the house types, including condominiums, townhouses, maisonette and penthouse will be aesthetically appealing, designed with modern spaces and easy to customise to each homeowner’s style and taste,” she said.

PUNCH.

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How to Recover Residential Premises from Tenants in Lagos State, Nigeria http://9japroperty.com.ng/4497-2/?utm_source=rss&utm_medium=rss&utm_campaign=4497-2 http://9japroperty.com.ng/4497-2/#respond Tue, 19 Apr 2016 08:23:30 +0000 http://9japroperty.com.ng/?p=4497 In the Tenancy contract, the Landlord hands over exclusive possession of the property to the Tenant for an agreed period of time, in return for rental payment; at the expiration of the Tenancy period, exclusive possession of the property reverts to the Landlord. However it must be noted that inasmuch the property reverts to the […]

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In the Tenancy contract, the Landlord hands over exclusive possession of the property to the Tenant for an agreed period of time, in return for rental payment; at the expiration of the Tenancy period, exclusive possession of the property reverts to the Landlord.

However it must be noted that inasmuch the property reverts to the Landlord, there is still a laid down procedure for recovering this property from the Tenant. The Landlord may, not on his own, and without employing statutorily provided means, evict the Tenant from the property. Indeed it has been alleged by some quarters that the laws for recovery of premises tend to be more protective of the Tenant, than the Landlord; however it important to note that an eviction that is in compliance with the statutorily employed means will not prevent an employer from repossessing his property.

Before a Landlord can recover possession of his premises from a Tenant, the tenancy must first be determined. Termination of tenancy may be through any of the following ways:

Notice to quit

This is a statutory requirement for termination of all forms of periodic tenancies. It will also be used where even though the tenancy is for a certain term, the Agreement provides that it be issued. It must contain the description of the premises, its location, the commencement and expiration of the Tenancy. The length of this notice and its content is dependent on the length of the tenancy in question.Section 13(1)Tenancy Law 2011 of Lagos State, whichprovides for the length of notice as follows:

a) Tenant-at-will:one week notice.

b) Monthly tenant: one month notice.

c) Quarterly tenant: three months notice.

d) Half yearly tenant: three months notice.

e) Yearly tenant: Six months notice (half a year).

A notice to quite may be issued either by the landlord or by his solicitor or agent, who must be authorized in writing. The length of the notice to quit should be such that it will expire on the eve of the anniversary of the tenancy. As soon as the term of the tenancy has been determined by a notice to quit, and the Tenant fails to hand over possession, the Landlord or his agent may then issue a 7-day notice of the Owner’s intention to recover possession.

Notice of Owner’s Intention to Recover Possession

This is a 7-day notice to the Tenant, of the Landlord’s intention to proceed to recover possession on a date not less than seven days from the date of the notice. This notice must state the grounds and particulars of the claim. Where the Tenant is arrears of rent for six (6) months in the case of a monthly tenancy, or for one year in the case of a quarterly or half-yearly tenancy, the tenancy shall lapse and the Court shall make an order for possession and arrears of rent upon proof of the arrears by the Landlord.

Effluxion or expiration of term granted (for fixed tenancies)

Where the tenancy is for a fixed or certain period, it determines automatically at the expiration of the term, and no formal steps are needed to put it to an end. Where the Landlord intends to proceed to Court to recover possession, he shall then issue a seven-day notice as described above. Please note however that where the Agreement stipulates that a notice shall be given then it must be issued,providedthat it is not less than the statutory prescribed time.

Please note that the notices must be served personally on the Tenant, or delivered to an adult at the premises. Where the Tenant cannot be found, it may also be delivered to the premises by courier where the Tenant cannot be found, provided that the courier supplies proof of delivery.

Institution of proceedings to recover possession

Where the notice issued to the Tenant has expired, and the Tenant has failed to surrender possession, the Landlord my file a claim for recovery of possession at either the Magistrate Court or the High Court closest to the premises. The Landlord must prove grounds such as arrears of rent, breach of any covenants of the Agreement, that the premises is being used for immoral or illegal purposes, the premises has been abandoned, the premises is unsafe and dangerous or that the conduct of the Tenant or a person living with him constitutes intolerable nuisance. The Landlord can also recover possession on the grounds that the premises is required by the Landlord for personal use or that the premises requires substantial repair. The Landlord may not need to prove any of the above where the requisite notices were properly issued, and the content and length of notice are in line with statutory requirements.

Frustration

This is usually provided for under the force majeure clause. The doctrine of frustration provides that, where after a contract has been entered into, and for some reason, it subsequently becomes impossible for one party to perform their obligations, due to supervening events beyond his control, then the contract has been frustrated. The consequence is that the parties are discharged from the performance of their contract. The Supreme Court in Araka v Mornier Construction Co. (Nig) Ltd has held that the doctrine of frustration may in certain circumstances apply to leases. In that case, the period of the lease coincided with the Nigerian Civil War, and the government ordered that all expatriates leave the area. At the end of the war, the Landlord claimed rent for the period, and the Tenant contended that the government order frustrated the tenancy. The Supreme Court held that the tenancy was frustrated by the war and the Landlord was not entitled to the rent claimed.

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