Stakeholders in the housing industry have voiced concerns over various issues plaguing the sector, including indiscriminate building demolitions by government agencies, prolonged approval processes, multiple taxation, land grabbing, duplication of property certificates, and fraudulent activities.
These challenges were highlighted during the Lagos Real Estate Market Place, where experts emphasized the urgent need for government intervention to streamline regulations and restore investor confidence.
Gboyega Fatimilehin, a Founding Partner at Diya Fatimilehin & Co., described the chaotic state of the real estate sector, stressing the necessity for government intervention to sanitize the industry. He emphasized the detrimental impact of this chaotic environment on potential investors and advocated for the Lagos State Real Estate Regulatory Authority (LASRERA) to establish guidelines ensuring transparency and fairness in property transactions.
Addressing the need for collaboration between regulatory bodies and industry professionals like the Nigerian Institution of Estate Surveyors and Valuers, Fatimilehin proposed the establishment of a Tribunal to address disputes within the sector.
Other industry leaders echoed similar sentiments. Ololade Valentina Abuta of CEO Gracias Global expressed concern about investors losing money due to irregularities and urged regulatory agencies to create more convenient platforms. Kehinde Noibi of CEO MKT Properties emphasized the importance of government support for developers, highlighting unresolved issues within the real estate sphere.
The discussions at the event covered various topics, including disaster mitigation strategies, public-private partnerships, leveraging data for disaster prevention, adherence to building approvals, law and regulation, and technological solutions.
In response, Lagos State’s Commissioner for Housing, Moruf Akinderu-Fatai, emphasized the need for compulsory insurance coverage against natural disasters and advocated a comprehensive approach combining regulatory measures and other strategies to enhance disaster mitigation and recovery.
Representing Governor Babajide Sanwo-Olu, Akinderu-Fatai highlighted the role of robust real estate regulation in creating resilient communities. He urged stakeholders to prioritize safety, enforce building codes, and promote transparency to ensure a sustainable future.
Earlier, the special adviser to the governor on housing, Mrs. Bakarat Bakare, acknowledged the immense value within the real estate chain and commended Governor Sanwo-Olu for strengthening the implementation of the Lagos State Real Estate Regulatory Law.
The discussions emphasized the critical need for government intervention, collaborative efforts, and robust regulations to address the challenges and ensure a more stable and secure real estate environment in Lagos State.