Lagos to pass bill for real estate regulation

The Lagos State House of Assembly is set to pass a new bill to regulate operations in the real estate industry.

The invoice entitled Lagos State Real Estate Regulatory Authority’ went through a public hearing Thursday in the meeting pavilion.

The Chairman, Committee on Housing, Bisi Yusuff, addressing experts in the sector, noted that it had become necessary for the meeting to take the problem confronting the actual estate severely through mandatory legislation.

He explained the bill was aimed at assessing the excesses of operators from the business and reducing quackery from the industry.

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He added that real estate was a critical business that hadn’t been adequately regulated and controlled in Nigeria, especially Lagos State.

Obasa stated, “This invoice commendably seeks to create a regulatory authority to oversee, monitor, regulate and manage the real estate trades from Lagos State.”

The Majority Leader of the House, Sanai Agunbiade, stated the bill was split into 37 segments, adding that the regulatory authority could be headed by a chairman,” who will be a person of repute and a professional in his area of practice with less than 15 years of cognate experience.”

Some estate operators nevertheless expressed worry over the proposed bill and complained that it didn’t provide for parallel law of their informal and formal sectors of real estate.

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A member of this Association of Estate Agents in Nigeria, Bolaji Raymond, said that the bill failed to provide for parallel regulation of the people in informal and formal sectors of property.

He added that there was no penalty for not meeting the requirements for registration, stressing that the only stated penalty was for people who had initially enrolled.

Raymond said, “Section 27 of the bill talks about qualified applicants, who did not enroll. Most of the people on the streets aren’t registered and what they do isn’t criminalized or penalized at the invoice.

“With Section 16, we’re encouraging what we’re operating away from as an individual doesn’t have to register with the CAC according to the invoice.”

The Nigerian Institution of Estate Surveyors and Valuers first Vice President, Johnbull Amayaevbo, said that there were many regions of the bill that had to be addressed and suggested that the state government identified the key professionals to have a look at the bill.

“I am rather sure the intention of the bill will nevertheless be met if the state authorities collaborate with those in the profession, that is in the constructed environment,” he explained.

Also speaking, another member of the AEAN, Ayobayo Babade, advised that young people should be invited and forced members of the board.

Responding, Eshinlokun-Sanni claimed the issue of the composition of this board could be considered, including that all the matters raised by the stakeholders would be given consideration at the bill.

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