Housing stakeholders have bemoaned the indiscriminate demolition of building by government agencies, delay in securing approval, multiple taxation, land grabbing, duplication of Certificates of Occupancy and activities of fraudsters in the industry.
These challenges, they lamented, constitute risks to their operation, appealing to the government to do everything possible to lessen their burden by setting the standard procedures through regulation to correct such anomalies to guarantee seamless transactions and investors’ confidence.
The stakeholders, at the recent Lagos Real Estate Market Place, stated this while brainstorming on the theme: Real Estate Regulation: “A Panacea for Disaster Mitigation and Recovery in the Built Industry.”
Setting the records straight, Founding Partner, Diya Fatimilehin & Co., Mr. Gboyega Fatimilehin, an estate surveyor and valuer, said the real estate sector environment in the country is chaotic stories of fraudulent practices.
He is of the opinion that is high time the government waded in to sanitise the real estate sector.
Justifying the need for sector regulation, Fatimilehin said the result of the chaotic operating environment is sending away prospective investors.
According to him, there was a need for the Lagos State Real Estate Regulatory Authority (LASRERA) to come in and set the guidelines to lead to fair and transparent property businesses to ensure upward movement for value and investors’ confidence in the sector.
“There is need for a conscious effort to collaborate with the professionals, especially the Nigerian Institution of Estate Surveyors and Valuers, for training of practitioners.
“There is need to set up a Tribunal to look into cases whenever there is dispute,” he said.
CEO Gracias Global , Mrs.Ololade Valentina Abuta, said she wasn›t happy that some investors, especially those in the diaspora, were losing money due to irregularities in the sector.
She pleaded with the regulatory agencies of government to provide a convenient way for realtors and investors.
“Create a convenient platform for investors, create more manpower, do better than what you are doing now,” she said, advising operators to read and study government regulation well to avert property demolition.
CEO, MKT Properties, Kehinde Noibi, said that developers would like to see government agencies on their side, pointing out that there were lots of issues to be resolved when talking about real estate.
To resolve some of these issues, according to him, something must be done, adding that every stakeholder is prepared to provide the lasting solutions.
Talking to the regulators, he said: “There must be a way a developer will come with a problem and the issue will be resolved immediately. We are ready to work with government.”
Some of the panel discussions bordered on “ Disaster mitigation strategies – Best practices for mitigating disasters in real estate and built industry; the role of public -private partnerships in enhancing disaster mitigation and resilience in the built industry; Using data obtained from regulation to avert disaster in the built industry: Insurance and risk management as a mitigant and recovery tool; Adhering to building approvals,permits and land use planning; Law and regulation: what stakeholders should be doing and protecting the rights of consumers and victims; and technological solutions.
Lagos State’s Commissioner for Housing, Moruf Akinderu-Fatai, said that, to minimise the risk of disasters and enhance the resilience of structures, it has become compulsory for relevant authorities to require individuals/organisations to purchase insurance coverage against natural disasters.
“We will adopt a holistic approach that combines regulatory measures with other strategies to achieve more comprehensive disaster mitigation and recovery outcome,” he said .
Real estate regulation, when wielded effectively, according to the commissioner, who represented Governor Babajide Sanwo-Olu at the event, will become a shield against the vagaries of the industry.
“It begins with the establishment of stringent building code and standards that ensure our structures are not just habitats but fortresses capable of withstanding the tumultuous winds, floods, and quakes that nature may unleash. Through systematic zoning and land-use policies, we can intelligently plan our urban spaces, steering development away from high-risk areas and minimising the potential for disaster-induced damage,” he said.
He urged the stakeholders to join in prioritizing safety, enforcing building codes, and promoting transparency, in order to create resilient communities that are better equipped to withstand and recover from disasters.
“Let us work hand in hand to advocate for robust real estate regulation, for it is through our collective efforts that we can build a safer and more sustainable future,” Sanwo -Olu said
Earlier, the special adviser to the governor on housing, Mrs Bakarat Bakare, recognized the huge benefit within the value chain of real estate, noting that the budget for affordable housing in Lagos State in 2023 was in excess of N67billion.
She thanked Governor Sanwo-olu for strengthening the executive in the implementation of the Lagos State Real Estate Regulatory Law as documented in Lagos State of Nigeria Official Gazette of 11th February 2022.
and then