Real Estate: Lagos reads riot act to violators in built sector

The Lagos State Government has expressed readiness to deploy full implementation of laws regulating the Real Estate and Built sector and application of sanctions where necessary to tackle the current challenges, as well as restore sanity, and confidence of all stakeholders.

Meanwhile, the Lagos State Governor, Babajide Sanwo-Olu said that the unprecedented challenges could make or mar the industry if left unchecked.

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Sanwo-Olu, made the remarks at the opening of the 4th Lagos Real Estate Market Place and Exhibition, holding at the Eko Hotels and Suites, Victoria Island, Lagos.

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Represented by the State Commissioner for Housing, Mr Moruf Akinderu-Fatai, the Governor said that he signed the amended law on LASRERA to restore the sanity and confidence of all stakeholders.

ensure proper disaster management and urged all players to avoid undermining the process but abide by the rules in the sector.

According to him, licensing and certification of key stakeholders will ensure adherence to ethical standards for investors’ confidence and fair competition among players.

He said further, “There was a need to strengthen policies to reduce disasters in the industry by promoting building code and transparency. I am happy
to know that the forum had become a veritable platform for networking and providing solutions to challenges in the sector.
It has propelled the industry forward and contributes to advancing the return of sanity to the industry”. End of quote.

Earlier, the Special Adviser to the Governor on Housing, Barakat Odunuga-Bakare explained that the forum was initiated for all stakeholders in the industry to proffer solution to emerging challenges including curtailing the activities of fraudsters and quacks that has chased away innocent investors.

Also speaking, the Senator representing Lagos Central Senatorial District, Senator Wasiu Sani Eshinlokun applauded the intervention of the private sector in the Real Estate industry in the last ten years in the state. He said that it was never the intention of the government to make the environment hostile to the players.

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The federal lawmaker also advised practitioners to key into an insurance policy to ameliorate their loss whenever the unavoidable occurred.

Leading the stakeholders in a goodwill message, the founding Partner, Diya Fatimilehin and Co, Mr Gboyega Fatimilehin predicted that the marketplace will soon be a place for transactions of billion-dollar investment.

He described Lagos as the biggest in Africa in terms of the Real Estate and Housing market adding he was
delighted that the marketplace is growing in limbs and bounds with the 4th edition.

Gboyega Fatimilehin strongly believes that the forum has restored standards, transparency, and ethical conducts back to the industry.

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He however advocated for the setting up of a special Tribunal to fast-track the dispensation of cases related to Real Estate, unlike the regular courts that last for years to ensure value is not lost by the practitioners.

On her part, the Chief Executive Officer of Gracias, Dr Ololade Valentina Abuta expressed worry that some investors in the diaspora were losing hard-earned money due to inconsistency in government policies.

She also lamented over the recent demolition of buildings in different parts of the state while asking
government to create a conducive environment for those in the industry to get things done with ease with different agencies in the state.

Ololade Abuta was of the view that the forum was most impactful because of the varying challenges the sector is battling with now asking LASRERA to come up with an App that will educate the practitioners.

Source: Vanguard NG

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