Ikorodu and Ibeju-Lekki are two fast-developing outskirt locations of Lagos where plots are still available for N1million. Reviewed in this article is what a buyer stands to get investment wise from N1million land purchase from either location.
LEVEL OF INFRASTRUCTURE
Plots selling for N1million are no longer available in the easily accessible parts of Ikorodu and Ibeju-Lekki. In places where plots are still being sold for N1million, the roads are generally in a poor state, while the availability of public utilities like potable water and electricity are below average.
The major transportation channel from other parts of Lagos to Ikorodu is the Ketu-Mile 12-Ikorodu Road, while that of Ibeju-Lekki is the Lekki-Epe expressway. The average transport time to Marina from Ikorodu during off-peak periods is between 45minutes to 1hour same for the Ibeju-Lekki axis. The ferry service from Ikorodu to Marina is fully operational, while the one for Ibeju-Lekki is yet to start functioning. There are that it could start operations before the end of the year. It is however important to mention that the redesign and reconstruction of the major roads leading to the two areas have in way reduced traffic time in the last three months.
COST OF CONSTRUCTION
Ikorodu plots are generally firm and free from flooding, while those of Ibeju-Lekki because of the impact of both the Lagoon and Atlantic Ocean are always waterlogged and would require sand filing before they can be built on. For investors, this is one factor that should never be ignored. Cost of preparing a site for construction is one that should always be factored into cost of real estate investment especially when the land will not be left bare or only for speculative reasons.
A number of Ibeju-Lekki communities with plots for N1million have been granted excision recently by the Lagos State Government who had mandated them to get Certificates of Occupancy on the plots as a condition for the granting of the excisions. In Ikorodu, the most readily available title for the N1million plots are family receipts. Investors are advised to due necessary due diligence in these two areas before consummating any transaction. Chart the survey or get the title to do a search with the Lagos State Government. This will let you know whether the plot is acquired by government of totally free from government acquisition. It will also reveal the use of the land and show transactions that has already taken place on the land before it is being offered to you for sale.
EXISTING/ UPCOMING PROJECTS
The Ibeju-Lekki axis is the most active location in Lagos in terms of upcoming/ongoing landmark projects. Some the projects include: The New Lagos International Airport, Deep Sea Port, Free Trade, Dangote Refinery amongst others. The only major project in Ikorodu and which has been completed and commissioned is the expanded Mile 12-Ikorodu Road with BRT services directly to Marina.
Pundits are of the opinion that land prices in both locations have the potentials of rising at a fast pace. They however believe Ibeju-Lekki has an edge over Ikorodu because of its proximity to other highly expensive locations and the quality and size of the upcoming/ ongoing projects in the area. While land prices in Ibeju-Lekki are projected to rise by 100% in the next two years, those of Ikorodu are projected to rise by 40%-60% over the same period.