Lagos Govt urges best Practices in Real Estate Sector

Lagos Government has charged practitioners in the real estate sector to ensure that international best practices are observed to attract foreign direct or indirect investments.

The state government also stressed the need to create a home ownership model that would help address the deficits observed in housing market.

Governor Babajide Sanwo-Olu stated this during a Policy Roundtable organised by the Lagos State Real Estate Regulatory Authority (LASRERA) with key stakeholders in the real estate sector.

He said the government was ready to bridge the gap by partnering private sector and working with stakeholders to ensure people have access to viable home services.

The governor also said that there would be legislations that would curb bad behaviors among tenants and property owners.

He noted that apart from facilitating business relationships between people, the sector also employ large number of workers and contributes in no small measure to the state’s Gross Domestic Product (GDP) through their activities, hence the determination of the administration to provide the right ambience for the practice of real estate.

Sanwo-Olu urged real estate practitioners to support the government in its drive to bring sanity to the property sector by salvaging the present situation and providing best services to prospective accommodation seekers.

The Special Adviser to the Governor on Housing, Mrs. Toke Benson-Awoyinka, while addressing participants, noted that the forum is in recognition of the importance which the government attaches to the involvement of stakeholders in the property market, especially as it relates to decision making process.

“The reason for always emphasising registration with the real estate practitioners/property developers is to provide protection for citizens from impostors, fraudsters and reduce sharp practices associated with some unauthorized individuals who are not registered members of any association,” she said.

The Commissioner for Finance, Dr. Rabiu Olowo, who spoke on financial transparency and governance in the real estate development, said, the government recognises the role, which a transparent real estate industry would play in creating a competitive, efficient and flexible business environment in the State.

Attorney General and Commissioner for Justice, Mr. Moyosore Onigbanjo, said that the law, which is been reviewed by the government will standardise and sanitise real estate business and protect investors while boosting market confidence in the sector.

The Chairman, REDAN, Lagos Branch, Mr. Bamidele Onalaja, advised developers to follow the building plan approval processes to avoid risks and also lauded the government for identifying with the real estate sector.

The Founder, Pison Housing Company, Dr. Roland Igbinoba, who spoke on collating data on property transactions, said that for better public investment, real estate data must be collated.

Credit: The Guardian 05/10/2020

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