Lagos kicks off 4th Real Estate Market Place as Sanwo-Olu says current challenges will be laid to rest with sanctions of violators

The Lagos State Government is optimistic that the current challenges in the Real Estate and Built industry will be laid to rest with full implementation of laws regulating it and application of sanctions where necessary.

Lagos State Governor Babajide Sanwo-Olu said that the unprecedented challenges could make or mar the industry failure to restore sanity and confidence of all stakeholders.

The Governor stated these in a message to the opening of the 4th Lagos Real Estate Market Place and Exhibition holding at the Eko Hotels and Suites, Victoria Island.

Represented by the State Commissioner for Housing, Mr Moruf Akinderu-Fatai, 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 with the rules in the sector.

According to him, licensing and certification of key stakeholders will ensure adherence to ethical standards for investor’s confidence and fair competition among players.

He said further and i quote” 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 contributes to advancing the return of sanity to the industry”. End of quote.

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.

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 last ten years in the state.

He said that it was never the intention of government to make the environment hostile to the players.

The federal lawmaker also advised practitioners to key into insurance policy in order to emiliorate their loss whenever the unavoidable occurred.

Leading the stakeholders in a goodwill message, 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 her part, rhe Chief Executive Officer of Gracias, Dr Ololade Valentina Abuta expressed worry that some investors in the diaspora were losing hard earn money due to inconsistency in government policies.

She also lamented over the recent demolition of buildings in different parts of the state while asking
government to create a conducive environment for those in the industry in getting things done with ease with different agencies in the state.

Ololade Abuta was of the view that the forum was most impactful because of varying challenges the sector is battling with now asking LASRERA to come up with a App that will educate the practitioners.

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.

During the first Panel session on Disaster Mitigation Strategies-Best practices for mitigating disasters in the real Estate and Built industry, the CEO Gracias, Ololade Valentina said enforcement should be scaled up on erring players to avert disaster.

According to her, clients should realise that Houses or properties are not cheap adding they should be ready to pay for values.

On his part, the Chairman, Agboyi Ketu LCDA, Dele. Osinowo blamed cases of collapse building on developers cutting corners.

He disclosed that most of the developers and others in the built industry like to ignore the rules and regulations in the sector.

To avoid running into crisis, he advised investors to always do a search for status of the land they are acquiring before they pay and start building.

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.

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