It is without a doubt, Ikorodu Division is currently undergoing a developmental stage across board. With effective road channels been structured and less tension on areas of security, the path to becoming the next most attractive region in all of Lagos state is close at sight.
With over 5 million inhabitants and the embodiment of cultural heritage, the suburb is gradually presenting itself as a new destination, possessing one of the largest art collection centres in Africa today.
Ascertaining a greener prospect glowing from it’s local council development areas known for aquatic splendour, Ikorodu News Network (INN) engaged Hon Balogun Rotimi Olatunbosun popularly called BRO, A real estate mogul and also a politically inclined leader to leverage on his real estate expertise in developing Ikorodu Division.
INN: You manage some of the most appealing real estate structures in Lagos state which include sections of the 1004 buildings in Victoria island, But you’re based in Ikorodu. As we continue to see a gradual development transformation across the division today, what do you think is necessary to make Ikorodu another real estate investment attraction?
Hon Balogun Rotimi: Ikorodu Division is the fastest growing suburb in Lagos state and Real Estate in Ikorodu is gradual picking up, For the indigene and non indigene to tap into the real estate investment sector effectively, they have to ensure that some key polices embedded in the state regulation is adopted adequately.
“For example, what are those forces fighting against real estate development in Ikorodu? We have the problem of omonile issues, we have land grabbers, we have the problem of town planners slowing down approvals for project to be executed and also the problem of impromptu security issues which sometimes affects investors to completely take charge of their properties regularly”
“In areas like Lekki, Ikoyi and V.I, lands are sold for about 100, 150 to 200 million naira for a standard plot of land, not because they’re better than places like Ikorodu, But simply because they’ve good level of security and acceptance measures in place for someone to acquire their properties. There is no problem of omoniles, there is no issue of land grabbers attempting to extort properties from investors”
“Over there people are only positioned to either invest and build for their residents or invest and resell to investors. With that, they’re comfortable on the proceeds which will increase the value of their land. Alot of them are now happy their properties which was low in value is now higher. Investors are more in the islands that is why the presence of the government is felt more there”
“When an investor sees that the cost of securing a property is low and the area is conducive for business, they’ll easily follow such options than a place with high cost of securing their properties. That’s why a lot of them are in the islands because the environment is conducive for their businesses to grow peacefully“
“Recently, I discovered that someone bought a large chunk of land in Ibeshe for purpose of jetty to store containers, that will indirectly enhance investments for real estate in that area, it will pave way for structures like hotels and resort centres (for personnel and other workers) thereby creating employment opportunities for people around that region”
“Coupled with the Lagos state government’s plan to create the 4th mainland bridge which would also link to Ikorodu, there is no doubt it will increase the prospects of Ikorodu Division to the rest of the state. Linking people of Ikorodu to the Islands is an effective and brilliant way to expand it potentials“
“My advice is, Ikorodu people should begin to position themselves to take advantage of this futuristic opportunities coming in and fight against every forces that will stand against the development of this great region“
“Our traditional rulers should set up symposiums to frequently call families (that owns land) together for proper orientation and guidance to help them understand the value of what they posses and how to peacefully utilise it to attract investors in a lucrative way”
“Development creates wealth, a lot of properties in Ikorodu division are still in the inner communities with forests and bushes all around it, But when development starts coming into those areas, it will attract banks and industries to ploy in plus other small scale businesses”
“As we begin to embrace better development, we should also create a more conducive environment with no security threats for real estate to positively thrive in the division” Hon Balogun Rotimi Added
Hon Balogun Rotimi Olatunbosun is a recipient of the prestigious Ikorodu News Network (INN) of recognition awards class 2020.