Isaac Ifeanyi is the MD/CEO of Ifitech and Associates Limited, a real estate firm, dealing on land matters and building estates. It is a private liability company that undertakes services of Architectural Design, building construction, land survey, property management and consultancy services.
This real estate company has provided land at affordable rates to needy Nigerians, providing job opportunities for unemployed graduates and providing quality services in housing management.
Last week, City People’s ISAAC ABIMBADE spoke with Ifitech and Associates Boss, Isaac Ifeanyi on his real estate company, the challenges he faces in the sector and what he has been able to do so far. Enjoy the piece.
Tell us what you have been able to achieve in the last 12 months?
We have done much in opening up new sites/estates. There was no Solid-base Gardens before, but today we have about 4 schemes at solid-base gardens and currently we are doing allocations. We are doing physical allocation at West Point Garden Phase II and Phase 4. All these pieces of land have been fenced and gated.
How do you react to customers who default in payment?
We treat them carefully and we make sure we secure their investments because they want value for their investment. We are trying to secure it.
How do you deal with customers who fail to meet up, especially those who contravene the payment plan?
What we do is give them the grace of 3 months to pay up and if they could still not pay up, we will refund their money.
In terms of development, what have you done in the last few months?
In the last four months, we have got more estates, West Point Phase 5, West Point Phase 6 and Solid- base Garden Phase 4. In the last four months, we have been fencing, giving physical allocation, we have been clearing and preparing documents for our customers.
Talking of affordability, how affordable are your housing estates?
It’s affordable, as low as 7 hundred thousand in Ibeju Lekki. We have West Point Gardens Phase One for 1 million, we have West Point Garden, Phase 2 for 1.5 million naira, we have West Point Garden phase 3 for 9 hundred thousand, we have West Point Garden Phase 4 for 2.5 million, we have West Point Garden Phase 5 for 3.3 million, we have West Point Garden Phase 6 for 7 hundred thousand. In Imo State, we have West Point Gardens 1 for 1.5, we have West Point annex for 1.5, we have West Point Phase 2 for N1.2 million. We also have solid base Gardens Phase 2 for 9 hundred. In Lagos, we have Solid Base Gardens Phase 1 in Lagos for 4 million, we sell solid base garden phase 2 for N3.3 million and Solid Base Phase 3 for N4.5 million.
What has it been like running a real estate firm, especially this year?
It’s been wonderful, but the market was on the high side last year, but the rate has dropped this year.
What are the strategies you adopt to sell some of your products?
There are key things buyers are looking out for; the number 1 thing is durability, second thing is transparency and security is the last one. And we have made ourselves available that we are dependable, durable and transparent. We are the only real estate company known for developing estates across Nigeria. What I mean is we are the only real estate company that work on its sites. Our land is very secured.
Tell us about some of your documents, the title that you give new patrons when they buy land from you?
We give deed of assignment. We also give letter of allocation, allocating the plot to our clients.