The Lagos State Government has reassured residents that the ongoing review of its Fair Market Value (FMV) framework, widely referred to as the Blue Book 2026, is not aimed at imposing additional financial burdens on property owners.

The Permanent Secretary, Lands Bureau, Kamal Olowosago, gave the assurance on Tuesday during a stakeholder engagement held at Adeyemi Bero Hall, Alausa.

He explained that the exercise is designed to ensure that land valuation across the state reflects present-day market realities in a fair, transparent and structured manner.

According to him, the review forms part of a routine process to align land-related charges with prevailing economic conditions while strengthening the credibility and efficiency of the state’s land administration system.

Responding to concerns about a potential increase in land charges, Olowosago stressed that the initiative is not about raising costs but about improving accuracy in valuation.

“This process is not about increasing costs, but about ensuring that valuations reflect reality in a structured and transparent manner,” he said.

He noted that the FMV framework, first introduced in 2015, was established to reduce transaction costs, enhance the ease of doing business, and ensure that government charges correspond with actual market values.

Olowosago further recalled that the reform journey began in 2012 when the state identified the need to update valuation rates that had remained unchanged since 2005.

This led to the development of a comprehensive property value database across Lagos in collaboration with international partners, which now underpins the Blue Book.

He added that the policy provides for a review every five years to keep pace with rapid urban growth and evolving market dynamics.

The current exercise, he said, is anchored on four key pillars: ease of doing business, revenue optimisation, transparency, and market alignment. It is also expected to improve fairness, consistency and the classification of land zones.

The Permanent Secretary warned that retaining outdated valuation rates could create distortions and inequities, whereas a market-aligned system would enhance credibility and boost investor confidence.

“A transparent valuation system will reduce disputes, shorten transaction timelines and ultimately boost investor confidence,” he said.

He expressed optimism that the review would stimulate growth in the real estate sector, strengthen the reliability of the state’s land data systems, and support more effective planning and policy formulation.

Olowosago also underscored the importance of stakeholder participation, noting that surveyors, developers, legal practitioners and financial institutions would continue to be actively engaged to ensure the process remains inclusive and practical.

“This review is about accuracy, transparency and positioning Lagos State for sustainable growth and investment,” he added.