More illegal estates seen coming over 300% hike in land transaction fees

Experts in the housing sector have raised concerns regarding a potential increase in the number of illegal estates in Lagos due to a significant rise in land transaction fees, which have surged by over 300%. This drastic hike in costs may drive developers and investors to seek alternative, unregulated avenues for property development. The implications of this trend could exacerbate existing challenges in the housing market, including issues related to compliance and urban planning. Stakeholders are urged to monitor the situation closely to mitigate the risks associated with unapproved developments.

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