Recently, I was the guest speaker at the General Meeting Interactive Session of the International Real Estate Federation of Nigeria held at the Federal Palace Hotel, Lagos, where we examined various issues affecting the estate development sector in Nigeria.
With population explosion and lack of affordable houses for the masses, property acquisition and development have become the best form of investment and when this is combined with rising inflation, the galloping exchange rate, a foray into this risky enterprise may not be a bad idea for anyone with the heart of a lion. Permit me to share the excerpts of my presentation with you.
The word property is inextricably linked to the word ownership, as there can be hardly a property without ownership and ownership without property. The concept of ‘property’ however, does not refer to a thing; it is a description of a legal relationship with a thing. It refers to a degree of power that is recognised in law as power permissibly exercised over the thing. The concept of ‘property’ may be elusive. Usually it is treated as a ‘bundle of rights.
Similarly, the Indian Supreme Court in Dutt Sharma v. State of Bihar, 1: S.C J, 395 considered property as a legal concept and observed same to be a bundle of rights’ and in the case of tangible property, it would include the right of possession, the right to enjoy, the right to retain, the right to alienate and the right to destroy. Now, the ordinary dictionary meaning of the word “acquire” is “to gain or get as one’s own by one’s own exertions or qualities”.
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