EMBRACING the opportunity offered by the Lagos State Real Estate Regulatory Authority (LASRERA) stakeholders’ engagement/interactive forum, developers, investors and realtors have reeled out inhibiting factors/ challenges militating against their operations in the sector, calling on the government for solutions.
Some of the challenges, according to the real estate developers and other stakeholders include issuance of fake Certificates of Occupancy (C of O) and building documents, rigorous processes in acquiring building permits, and bureaucratic bottlenecks dealing with many regulatory authorities
They decried the overbearing powers of the traditional rulers and land owning families known as “Omoniles”, who sold their lands and later turn around to reclaim them forcefully.
They also raised concerns about the need for a digital central system to verify the genuineness of landed properties and the taxes levied on developers.
They also lamented the fraudulent activities of some players in the industry who they alleged swindle property buyers.
Worried about these challenges, the stakeholders blamed the authorities for its weak regulation and enforcement, urging government to tighten its regulations around real estate business in the state.
Speaking, Chairman of MKH Group, Mr. MuibiKehinde Hammed, said that the Lagos State Government must adhere strictly to enforcement in the industry.
Managing Director, Hafsam Properties, HafsatBalogun lamented the increase in overnight agents infiltrating the industry.
Urging government to do everything possible to resolve some of the identified challenges, the Chairman of the Real Estate Developers Association of Nigeria (REDAN), Lagos Chapter, Bamidele Onalaja, assured the state government the support of his members in the area of partnership for housing development.
He said that REDAN is working with the government to curb recurring building collapses in Lagos, urging developers to get the necessary documents before they set out to build.
He urged Governor Babajide Sanwo-Olu to fulfil the pledge of granting 50 hectares of land to the association to build affordable housing.
Responding to some of the questions by the operators, the Permanent Secretary, Lagos State Lands Bureau, Mr. Kamal Olowosago, urged stakeholders to always conduct a proper search before going ahead with any transactions.
He said the state government is digitalising the land registration processes to reduce bottlenecks surrounding land administration in the state.
He maintained that Governor Sanwo-Olu is passionate about curbing the issues of land grabbing with the setting up of the Committee on Land Grabbers in the State.
Olowosago also promised to revisit cases of forceful takeover of some lands and property from operators, especially in the Lekki area of the state.
Speaking, Special Adviser to the Governor on Housing, Barakat Odunuga-Bakare, said the state lacked the data to authenticate real estate developers and other actors in the building business.
For this reason, she said that efforts were being made to have many practitioners registered with LASRERA.
She advised Nigerians in the diaspora, who mostly fall victim in the hands of the fraudsters and quacks, to always verify from the authority’s portal whether the individual or company they are dealing with is duly registered with LASRERA.
Odunuga-Bakare decried the attitude of building on water drainage and canal setbacks, saying this was responsible for building demolition exercises in the metropolis.
Besides, she building demolition exercises also alsooccurred due to inability of home builders to obtaining the proper documents, approval, permits, and permit certificates from relevant ministries, agencies, and parastatals at every stage of the building process.
Justifying the essence of the stakeholders’ meeting, Odunuga-Bakare explained that it is through collaboration that the state government can guarantee the regulatory landscape that is not just a set of rules, but a dynamic force that nurtures responsible growth and development in the real estate industry.
She pledged that the agency will scale up its enforcement drive against sharp practices in the real estate sector, maintaining that 2024 will no longer be business as usual for perpetrators of fraudulent acts in the real estate sector and unregistered practitioners.
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