A licensed Trec realtor and CEO of Roston Group, Mr Femi Rogers, has urged prospective landowners to understand the intricacies of property ownership before going into development of acquired property.
Rogers who was speaking on the challenges and opportunities within the industry on Plus Tv Africa in Lagos, recently said it is paramount to be abreast with the development regulations and government policies to avoid any future issue of right of way.
Rogers, who has over 29 years of experience in real estate, construction, energy sectors and the dynamics of the market, particularly in Greater Houston and Nigeria, offers perspectives on recent developments in Lagos and the path forward.
Speaking on the on the recent demolitions in Nigeria, particularly in Lagos State, which spark confusion and concern among residents, Rogers acknowledges that such actions are not unique to Nigeria but are also witnessed in developed nations.
He, however, underscores the importance of effective communication and adherence to regulatory processes to mitigate such challenges.
Explaining the distinctions between land ownership (title) and building permissions (permits). Rogers pointed that while owning land signifies ownership, acquiring building permits is essential for lawful construction.
He further emphasised the need for individuals and developers to familiarise themselves with zoning regulations and master plans to avoid legal pitfalls.
He highlighted the significance of government transparency in providing access to master plans, enabling informed decision-making for prospective land buyers. Drawing parallels with international practices, he underscores the role of online platforms in facilitating due diligence for investors and developers.
Why looking at the complexities of coastal development and government infrastructure projects. Femi explained how easements and right-of-way considerations impact property development, emphasising the need for developers to anticipate future governmental interventions.
Addressing concerns about recent demolitions and their impact on investors, the estate developer advocates for a stable regulatory environment to foster investor confidence.
He emphasizes the role of mortgage facilities in expanding homeownership and stimulating real estate development, echoing sentiments for government intervention to streamline mortgage processes and enforce financial regulations.
Looking ahead, Femi acknowledges Nigeria’s housing deficit and the untapped potential of the real estate sector to address this challenge. He underscores the need for government support, regulatory reforms, and private sector investment to unlock the sector’s full potential.
Rogers’ insights underscore the intricate interplay between policy, regulation, and market dynamics shaping Nigeria’s real estate landscape. As the nation navigates these challenges, his perspective offers a roadmap for sustainable development, ensuring equitable access to housing for all Nigerians.
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