FG urged to create single regulator for real estate business
Real Estate Developers have appealed to the Federal Government to create a single agency that will address the plights of real estate developers for efficient decision making in the sector.
Executive Director, Pennek Nigeria Limited, Kennedy Nnadi, made the suggestion at the official opening ceremony of Pennek Court Estate, Kubwa extension, Abuja.
He said that dealing with various government agencies during construction was a huge challenge to them, suggesting that there should be a streamlined process to simplify the procedures.
Kennedy said: “There should be a unified government agency overseeing construction-related matters for efficient and speedy decision-making. This will also support developers because the nation’s progress hinges on their contributions.
“Government may conceive the ideas, but developers will take the responsibility of driving the vision and mission. With governmental support, including tax waivers, asset protection, and overall encouragement, the real estate business can thrive in Nigeria.”
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Regarding the Certificate of Occupancy (C of O) of the estate, he mentioned that discussions are ongoing but the situation was not yet finalised.
He said: “We are actively engaging with the government, exploring viable options. We have taken positive steps and we are seeing good results. Our estate is safe and secure. Everyone will eventually have their C of O. The necessary documents have been prepared, awaiting transfer to the subscribers.
“On this specific project, we employed a minimum of 300 individuals to work in different fields. This has significantly impacted on their income and ability to manage their persona l affairs.”
Source: Sun Newspaper
