Our Pakuro Scheme is within Obafemi Owode Local Government Area of Ogun State that falls within the Government of Ogun State Ratifiable acquired land. When we bought in 2008, it was free from every known Government Acquisition but was acquired in 2012 thankfully though now subject to ratification. Landlords in the area have been known to have gotten C of O on their land now under the Ogun State Homes Charter programme of Senator Ibikunle Amosun’s Government.
Q1. Where is Pakuro Scheme?
Ans: Pakuro Scheme is off Lagos-Ibadan Expressway, you turn off opposite Deeper Life Camp about 10 minutes drive inside.
Q2. What are the names of other estates and institutions within 3 KM radii of Pakuro Scheme?
Ans: P.E Pakuro: Yabatech Staff Estate, Ministry of Defence Co-op Staff Estate and Diamond Estate.
Q3. Who acquired and is selling the Pakuro Schemes?
Ans: Realty Point Limited. REALTY POINT LIMITED (RC 621592) is a dynamic multifaceted Pan-African real estate going concern primarily involved on the supply side of the industry, with a strong presence in Real Estate Development, Investment, Training/Consultancy and Marketing Syndications.
Q4. What is the price per plot for residential and commercial plots respectively?
N1,200,000 (N40,000/month for 30months) per plot
Q5. What is the size of residential?
Ans: Approximately 648 square meters or 60ft x 120ft or 18meters x 36 meters for Residential.
Q6. Will any infrastructure be provided in this scheme by the developer?
Q7. Is there any encumbrance on the landed properties?
Ans: Ratifiable acquisition.
Q8. How may infrastructures be provided in this scheme?
Ans: Self-help efforts of the subscribers individually or through an organized body of subscribers and/or in addition to whatever the government provides.
Q9. How will increase in price affect subscribers?
Ans: Increase in price will not affect existing subscribers in any way except if/when they want to subscriber for additional plot(s).
Q10. What other payments do I make apart from the payment for the land?
1. Survey fee: N 130,000
2. Legal Documentation fee: 3% of Purchase price
3. N1,000 monthly as Plot Maintenance Fee: 12months after completion of payment for the plot if the subscriber does not proceed for allocation thereby making other payments.
This applies only to a subscriber that is not coming forward to fulfill the requirements for allocation after paying for the plot(s). It becomes due and starts to accrue 12months after the completion of payment for plot (i.e the 13th month) till the client steps forward and fulfills all the necessary conditions for allocation. When necessary payments for allocation are to be made, arrears of Plot Maintenance Fees will have to be paid first.
a. Kindly note that the fees stated above are subject to review.
b. Where review of any fee takes place before a subscriber completes payment for plot or the particular payment, the reviewed amount is what becomes payable by the subscriber.
Q11. When will my (plots) be allocated to me?
Ans: Physical allocation will be made immediately after completion of payment for Land, Documentation & Survey
Q12. Can I start construction or building on the land now?
Ans:Yes, you can start building on the land immediately after physical allocation and doing the needful with relevant regulatory authorities.
Q13. What do I get after completion of payments for the land, survey and documentation?
Ans:Deed of Contract, Receipts, Letter of Allocation, Deed of Assignment with the Survey.
Q14. Can I indicate where I should be allocated within the Scheme?
Ans: We allocate progressively on first in line basis at the discretion of the company. However, preference shall be given to request for corner piece(s) plot allocation provided it is still available subject to the payment of a fee.
Q15. What about Omo-oniles?
Ans: RPL shall endeavour to broker this deal such that Omo-Oniles will not give the subscribers any problem on the land provided also that subscribers develop their landed property in very good time. We have pre-negotiated the customary fees the Omo-Oniles take on behalf of our customers and are prepared to be the go-between subscribers and the omo-oniles after a subscriber is allocated. Thereafter, we shall help with any omo-onile related issue that may arise but the client will pay for the customary fees as negotiated by us. Subscribers are enjoined to take possession of their allocated plot within 3months after allocation.
It is strictly an attempt to ensure development in the estate is in a systematic way such as will enhance value of investment within the estate for all. Over subscription is being guided against and every subscriber who pays up on his/her subscription shall be allocated within the estate.
Q16. What title would I get eventually?
Ans: You can process your ratification and C of O on the land. From the relevant Government body(ies).
Q17. What happens if I cannot complete payment or default in the payment of the monthly subscription?
Ans: If your land is revoked due to none or irregular payment of your subscription or you indicated your interest at discontinuing the transaction, refund is subject to resale of your plot and you get your contribution less Cost of Deed of Contract and 30% administrative charges. Kindly note also that these charges are subject to review.
Q18. Can I pay a deposit and pay balance anytime within the duration of tenure chosen (e.g 3, 6months, etc)?
Ans: After the payment of the initial deposit you are expected to pay the balance monthly. Non-payment monthly as at when due will be treated as fundamental breach of contract which can result to termination or revocation of contract. The developer is not required to put you on notice in this case and this is subject to appropriate deductions.
Q19. Does Realty Point Limited charge interest on the balance of payment?
Ans: No. the transaction is interest free except where a subscriber does not keep to the payment terms
Q20. Can I start construction or building on the land now?
Ans: You can start building on the land immediately after physical allocation.
Q21. Are the roads to the estates good and motorable even during raining season?
Ans: The road to Pakuro Scheme are accessible all season and still improving.
Q22. Is there any time limit to commence work on my land after allocation?
Ans: 3months after allocation an allottee is expected to have started construction work on his/her plot.
Q23. Can I re-sell my plot/property?
Ans: Realty Point Limited may be able to assist in getting a buyer. A charge (agency fee) is deducted from purchase/selling/current price in this case. Note that transfer fee is also payable by either of the parties (seller or buyer). The selling subscriber can, however get an independent agent to handle the re-sell.
Q24. What is the sequence of event in this transaction?
Ans: • Payment for land
• Payment for Documentation
• Payment for Survey
Q25. Can I pay cash to your Agent?
Ans: While we are not discrediting anybody, we strongly advise that cash should be paid to REALTY POINT LIMITED designated bank accounts. Also, PRIME EXCHANGE LTD designated Bank Account can receive funds being the Authorized marketing organization. Otherwise, cheques should be issued in favor of REALTY POINT LIMITED only. Please note that the management of REALTY POINT LIMITED/ PRIME EXCHANGE accepts no responsibility for any liability that may arise as a result of deviation from the above instruction.
Q26. Can there be changes and/or amendment to this offering as it is presently known?
Ans:The real estate industry just like most others is a dynamic industry and as such things get to change from time to time most especially for the better. However any change, amendment or modification shall be communicated and endorsed by REALTY POINT LIMITED. Such communication shall be via letters, electronic mails, fax, short message service (SMS), handbill, posters and any other means of communication. This correspondence shall be deemed to have been received by the CLIENT having been sent by REALTY POINT LIMITED.