The Lagos State government has pledged to address the myriad of challenges mitigating the full growth of the industry through enforcement of all relevant laws guiding real estate investment across the state.
Governor Babajide Sanwo-Olu made this pledge at the fourth Lagos Real Estate MarketPlace conference and exhibitions themed: “Real Estate Regulation: A panacea for disaster mitigation and recovery in the built industry,” organised by Lagos State Real Estate Regulatory Authority (LASRERA) and aimed to provide insight into the investment opportunities in the real estate sector in the state.
Sanwo-Olu, who was represented by the Commissioner for Housing, Lagos State, Moruf Akinderu-Fatai, said the government has embarked on a journey to explore how effective regulation can act as a shield, fortifying society against the avoidable challenges posed by unregulated development.
“A significant step that we have taken in this regard was the signing of the amended LASRERA law in February last year. This law recognises the pivotal role which real estate regulation plays in disaster mitigation.
“We continue to emphasise the need for all players in the built industry to avoid undermining established rules, processes and procedures but abide by all regulations guiding real estate practice including the LASRERA laws and other related regulations.
“Through comprehensive regulation, we can also expedite the rebuilding process, ensuring structural integrity so that individuals and families can restore their homes and livelihoods promptly,” Sanwo-Olu said.
He added that by implementing measures such as licensing and certification, which is being undertaken by LASRERA, professionals in the built industry can adhere to ethical standards and possess the necessary expertise.
“This will not only ensure consumer confidence but also promote fair competition and quality assurance,” he said.
The governor noted that the government has ensured full implementation of a zero tolerance policy against non-compliance with LASRERA laws and regulation and standards in the built industry to sustain investors’ confidence in the real estate sector. “Real estate regulation, when wielded effectively, becomes a shield against the vagaries of the industry,” he said.
The Special Adviser to the Governor on Housing, Barakat Bakare, disclosed that real estate is contributing a sizable share to the Lagos Gross Domestic Product (GDP). “Real estate contributed 5.31 per cent to real GDP in Q1, 2023. Besides, the real estate sector in Lagos has displayed great potential to create jobs, bridge housing deficits, as well as boost economic growth. This year alone the budget for affordable housing in Lagos was in excess of N67 billion,” she said.
Bakare lamented that sector has been bedeviled with various disasters in recent times, ranging from building collapse, demolitions, inability to recoup investments, agents’ fraud among others, noting that there is need to unite and consciously change the narration, noting that embracing best practices is the sure way to mitigating disasters in the sector.
Her words: “There are established quality control measures, time tested ethics and operational principles applicable in all professions. While complying, we do not only build integrity but equally mitigate potential disasters that may occur as a result of non-compliance. Our work ensures that investments are also secured, return on such investment is guaranteed, lives are preserved and major tragedies of life are averted.”
In his goodwill message, the founding Partner, Diya Fatimilehin and Company, Mr. Gboyega Fatimilehin, noted that the forum has restored standards, transparency and ethical conduct to the industry,.
He, however, advocated the setting up of a special tribunal to fast-track dispense cases related to real estate, unlike the regular courts that last for years to ensure value is not lost by the practitioners.
Source: The Guardian
