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The Nigeria Institution of Estate Surveyors and Valuers (NIESV), Lagos branch, has hailed Governor Akinwunmi Ambode’s gesture in slashing the new Land Use Charge (LUC) for commercial properties by 50 per cent.
At a stakeholders meeting held at Ikeja, Lagos, the Chairman, NIESV, Lagos chapter, Mr. Olurogba Orimalade, pledged his association’s support for the new law and all other progressive decisions of the government going forward.
He said the association is committed to working with the present Lagos State government to make the new law succeed having already set up a technical committee to come up in 10 days, with directions, recommendations and position of the institution on the law in order to collaborate with the government for a better society.
Ifeoma George, Vice President, Nigeria Institute of Architects, said at the meeting that, “this is a listening government and propose that stakeholders should continue to be carried along in all government dealings, going forward.” The event was a meeting with professionals in the real estate sector.
The commissioner for Finance, Lagos State, Mr. Akinyemi Ashade, took the opportunity to further enumerate other reliefs entailed in the amended LUC Law. He emphasised that the state government was open to further discussions on how to solve the challenges plaguing infrastructural financing and investments in Lagos State. He also mentioned that there will be no penalty for late payment in this 2018 regime as earlier stipulated. Furthermore, the amended LUC Law is a property tax that consolidates the tenement rate, neighbourhood improvement rate, and ground rent.
Outside of the commercial properties, properties occupied by owners and third party used for commercial purposes will get a further 25 per cent discount, while a wholly owner-occupied property will get an additional 15 per cent discount as pronounced by the government. In addition to these, all other reliefs enumerated at the inception of the amended law remain valid.
