… As 4th Real Estate Market Place holds in Lagos
Lagos State Governor, Mr. Babajide Sanwo-Olu
has promised practitioners in the real estate sector that the myriad of challenges militating the full growth of the industry would be addressed by his administration through enforcement of all relevant laws guiding the real estate investment across the State.
The Governor who made the promise at the opening of the 4th Lagos Real Estate Market Place and Exhibition at the Eko Hotels and Suites, Victoria Island on Wednesday said that the government will not shy away from applying sanctions to erring practitioners where necessary.
Governor Babajide Sanwo-Olu, represented by the State Commissioner for Housing, Mr Moruf Akinderu-Fatai, at the event, said that his administration is aware that the various unprecedented challenges in the sector of not addressed could contribute to loss of sanity and lack confidence of all relevant stakeholders in the real estate sector.
The Governor said that he signed the amended law on LASRERA to ensure proper disaster management and urged all players to avoid undermining the process but abide by the rules in the sector.
Sanwo-Olu maintained that licensing and certification of key stakeholders will ensure adherence to ethical standards for investor's confidence and fair competition among players.
According to him," there was 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 contributed to advancing the return of sanity to the industry".
Also speaking at the event, 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 government to make the environment hostile to the players, just as advised practitioners to key into appropriate insurance policies in order to emiliorate their loss whenever the unavoidable occurred.
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.
Giving a goodwill message at the conference, the founding Partner, Diya Fatimilehin and Co, Mr Gboyega Fatimilehin predicted that the Market place 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 Market place 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.
He however advocated for the setting up of special Tribunal to fast track dispensation of cases related to the Real Estate unlike the regular courts that last for years to ensure value are not lost by the practitioners.
On his part, the Managing Director, MKH Properties, Muibi Kehinde Ahmeed charged everyone to be ready to play a vital role to change the narrative saying some of the issues raised during the last stakeholders forum had been resolved.
He said further and i quote " It will restore investor's confidence in the sector. Real Estate industry is a major player in the nation's economy. We have over 5,000 Realtors and 1,000 developers in the industry adding they are ready to adhere to rules in the industry. I appeal for soft landing and long payment plans to government where necessary". End of quote.
Muibi Ahmeed assured that they are ready to boost their investment if government provides soft loans adding that he brought 3 investors to the country this year alone.
There were some Panel sessions held during the Conference to further address some grey areas in the real estate sector.
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