86 illegal rooms under Dolphin bridge have been demolished. What are the lessons to learn from the demolition? Some people built 86 rooms there and let loads of people stay illegally. Each room cost N250,000 in rent every year. But the government found out and started demolishing the illegal buildings on Tuesday and Wednesday. In this piece, we will discuss 5 lessons to learn from the demolition as it regards to real estate investment
Kunle Rotimi-Akodu, who helps the Governor with environmental matters, explained that these rooms were like 10×10 or 12×10 squares. People were living there paying N250k each year. They were also using risky things like gas cylinders and storing fuel for generators, which could cause big problems.
The officials arrested 11 more people during the removal of these houses under the bridge. They’ve been saying it’s dangerous because the rooms were made of wood and people were using dangerous stuff inside.
Before that, officials from the Lagos State Environmental Sanitation Corps evicted squatters from under the bridge on Tuesday, April 30, 2024. They said these people made their own homes there, which was bad for the bridge. They’ve arrested 23 people so far and said they’ll keep an eye on the place.
The Commissioner for Environment, Tokunbo Wahab, said they found 86 rooms and a container used for illegal stuff under the bridge. They removed them all, and they also arrested 18 people squatting there.
Here are the 5 lessons to learn from the demolition, especially when you want to invest in real estate:
1. Follow the Rules: When you want to buy a property, it’s very important that you adhere to all the regulations and laws, especially with regard to construction. Disregarding these regulations could lead to consequences potentially resulting in the demolition of your property as seen in this scenario.
2. Do Your Research: Before paying a dime for any property, make sure you have conducted a thorough research on that property. Verify the genuineness and compliance of the property with by examining permits, titles and building approvals.
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3. Calculate Potential Risks Involved: Carefully assess the property for potential risks. These risks may include the safety of the property, identifying any environmental hazards or whether the property is an illegal structure. Investing in a property without due diligence could result in financial losses and complications.
4. Think Ethically: Reflect on whether your investment has implications that exploits vulnerable populations or ignores the welfare of both individuals and the community at large. It’s important not to support ventures that harm populations or neglect the well-being of the neighborhood.
It’s wiser to make investments that benefit all parties, including yourself as the investor.
5. Collaborate with Government Authorities: Recognize that government entities exist to ensure compliance with regulations and maintain the safety of areas. It’s honourable to collaborate with them and follow their directives. This approach can help you avoid complications and safeguard your investment over time.