The Chief Executive Officer of Rosebank Cottage and Castles Limited, Mr Chukwuma Emmanuel Okafor, also known as the Agbalanze Ofunwa Ojoto has said that the cost of developing a property in the country’s capital Abuja and Lagos is expensive.
He said this in an interview during the weekend while highlighting the major challenge real estate practitioners have been subjected to in the country and the solution.
According to Okafor, practitioners of real estate in Nigeria are subjected to multiple taxation.
He said: “The real estate practitioners in Nigeria are subjected to multiple taxations, some tax and levies paid by realtors include property tax, land use tax, income tax, building plan approval tax, development plan and so on.”
On how the government could help realtors, Okafor said that the government should put regulations and policies in place to encourage more private investors while reducing the amount of illegal taxes.
He added that the government can and has a right to issue a demand for bigger taxes such as capital gain tax, stamp tax, and other legal monetary taxes, leading to an appreciation of value for real estate companies and developers.
When asked where he sees himself in the next five years, the realtor CEO said, “I see myself as an integral part of the Real estate in Nigeria who has helped contribute to the growth and success of the Industry. I hope to be leading larger projects, or maybe managing multiple project teams both in Urban and Rural areas while planning to launch international investments.”
Rosebank Cottage and Castles Limited is a real estate property developing company that deals in land and landed properties, including developing and reselling.