The Lagos State Government is optimistic that the current challenges in the real estate and built industry will be laid to rest with the full implementation of laws regulating it and the application of sanctions where necessary.
Lagos State Governor Babajide Sanwo-Olu said that the unprecedented challenges could make or mar the industry, and failure to restore sanity and confidence among all stakeholders may have detrimental effects.
The Governor made these statements in a message at the opening of the 4th Lagos Real Estate Market Place and Exhibition, which is being held at the Eko Hotels and Suites in Victoria Island.
Represented by the State Commissioner for Housing, Mr Moruf Akinderu-Fatai, the Governor mentioned that he had signed the amended law on LASRERA to ensure proper disaster management. He urged all players in the industry to avoid undermining the process and to abide by the rules in the sector.
According to him, licensing and certification of key stakeholders will ensure adherence to ethical standards, thereby boosting investor confidence and promoting fair competition among players.
He further stated, “There is a need to strengthen policies to reduce disasters in the industry by promoting building codes and transparency. I am happy to know that the forum has 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.”
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 solutions to emerging challenges, including curbing the activities of fraudsters and quacks that have driven 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 state over the past ten years. He stated that it was never the intention of the government to make the environment hostile for players.
The federal lawmaker also advised practitioners to obtain insurance policies to mitigate their losses whenever the unavoidable occurs.
Leading the stakeholders in a goodwill message, the founding Partner of Diya Fatimilehin and Co., Mr Gboyega Fatimilehin, predicted that the Market Place will soon become a hub for billion-dollar transactions. He described Lagos as the biggest in Africa in terms of the real estate and housing market and expressed delight that the Market Place is growing with each edition. Gboyega Fatimilehin strongly believes that the forum has restored standards, transparency, and ethical conduct back to the industry.
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 can take years, to ensure that practitioners do not lose value.
On her part, the Chief Executive Officer of Gracias, Dr Ololade Valentina Abuta, expressed concern that some investors in the diaspora were losing hard-earned money due to inconsistencies in government policies. She also lamented the recent demolition of buildings in different parts of the state and asked the government to create a conducive environment for industry players to conduct business with ease.
Ololade Abuta believed that the forum was highly impactful because of the various challenges the sector is currently facing. She asked LASRERA to develop an app that can educate practitioners.
The Managing Director of MKH Properties, Muibi Kehinde Ahmeed, charged everyone to be ready to play a vital role in changing the narrative. He mentioned that some of the issues raised during the last stakeholders’ forum had been resolved and that it would restore investors’ confidence in the sector. The real estate industry is a major player in the nation’s economy, with over 5,000 realtors and 1,000 developers. They are ready to adhere to the rules in the industry, but he appealed for soft landing and long payment plans to the government where necessary. Muibi Ahmeed assured that they are ready to boost their investments if the government provides soft loans. He also mentioned that he brought three investors to the country this year alone.
During the first panel session on Disaster Mitigation Strategies – Best practices for mitigating disasters in the real estate and built industry, the CEO of Gracias, Ololade Valentina, said that enforcement should be scaled up for erring players to avert disasters. According to her, clients should realize that houses or properties are not cheap, and they should be ready to pay for value.
On his part, the Chairman of Agboyi Ketu LCDA, Dele Osinowo, blamed cases of building collapse on developers cutting corners. He disclosed that most developers and others in the built industry like to ignore the rules and regulations. To avoid running into a crisis, he advised investors to always do a search for the status of the land they are acquiring before paying and starting construction.
The two-day 4th Lagos Real Estate Market Place Conference and Exhibition with the theme; Real Estate Regulation: A panacea for Disaster Mitigation and Recovery in the Built industry is expected to produce a communique that would serve as part of the guidelines for regulating the industry.
