From Desmond Mgboh, Kano
Following weeks of demolition of alleged illegally acquired or irregularly sited properties by the new Kano State government, the volume of business transactions and activities in the real estate sector in the state have crashed to dismal state.
A survey of activities in the sector indicated that demand for property in different high brow areas in the state capital has slowed down in reaction to the ongoing demolition exercise embarked upon by the state government.
One of the leading estate agents operating in Jaba Area of the metropolis, Audu Rabiu told Daily Sun that most of their prospects from within and outside the state have suspended their interests pending the conclusion of demolition exercise.
“Even we, the agents, we no longer encourage our clients if the target property is situated around controversial areas that might be of interest to the state government. Nobody wants to be asked to refund the money paid through him” he stated.
Another source, who did not want to be quoted, explained that,” What has made the present matter worse for the sector is that government is not impressed by any document issued by its predecessor, be it C of O or a building permit. This has rendered invalid every document or proof of legitimate ownership tendered by the owner.”
“Before, what they usually ask for is whether the property has good access road and whether it has C of O. But with the unrelenting cases of demolition of structures with documents, buyers have learnt to be wiser for now” he stated.
“We are appealing to the new administration to exercise restraint so as not further worsen the situation, saying that the demolition is unfavorable to real estate business and the general business climate in the state.
It could be recalled that the state government, in line with its campaign promise to restore the urban development plan of the state, has so far demolished multi- billion worth of private properties, which it alleged, were illegally allotted by the previous government or were sited on public and scared spaces.