The Lagos State Government has moved to regulate real estate practice in the state and inaugurated a 16-man Technical Committee on Real Estate Regulation to facilitate the restoration of investors’ and public confidence in the Lagos State real estate sector.
The committee’s mandate is to design a policy and fiscal framework to institute and promote global best practices in the sector.
This disclosure was made by the Special Adviser on Housing to the Lagos State Governor, Mrs Toke Benson-Awoyinka
At the inaugural meeting of members of the Committee, Mrs Toke Benson-Awoyinka said that one of the lessons from the outbreak of Covid-19 was the need to create and develop a robust housing policy with stakeholder involvement and engagement, as well as curtail malpractices in the real estate sector, while also improving financial transparency and fiscal responsibility.
What the Special Adviser to the Lagos State Governor is saying
The Special Adviser said that the Committee has the mandate of addressing the challenges in the sector with particular attention to reforming the Home Ownership Model to increase housing stock and reduce the deficit.
She said, “To achieve this, the Committee will be required to set up a comprehensive system and framework, which will prioritise the development of a fiscal responsibility and transparency model, to promote the inflow of local and international funding required to confront the housing deficit, among others.
The Committee will set up a governance structure that will oversee the entire real estate framework and stakeholder engagement in the State to minimise trust deficiency. The structure will cater to the entire system of the real estate process and will incorporate participation from Private Developers, Financial Institutions and, of course, the State Government in a Public-Private Partnership model.’’
Mrs Benson-Awoyinka informed that in order to further boost confidence and safeguard investment in the State, the Committee will be responsible for the centralisation of insurance management for all real estate assets, which will dovetail into the existing Lagos State Risk Management framework.
While speaking at the event, the Lagos State Commissioner for Finance, Dr Rabiu Olowo, who is also a member of the Committee from the government side, said that beyond building roads and bridges, the promotion of policy formulation for ease of doing business is also important to address the challenges confronting the State.
He maintained that the Real Estate sector has not done optimally well, considering the huge potentials in the sector and its contribution to the nation’s Gross Domestic Product (GDP).
Dr Olowo also implored all stakeholders to work closely as a team in transforming the Real Estate Sector, particularly in Lagos State, to become one of the best real estate sectors across the globe.
Making his own contribution at the event, the Attorney-General and Commissioner for Justice, Mr Moyosore Onigbanjo, urged the Committee members to see the task ahead of them as efforts towards revamping the entire real estate practice in the country, through Lagos State.
He pledged that with the partnership of key stakeholders and industry players in the real estate sector, members of the Committee will be able to provide the right regulatory framework for real estate transactions to thrive and give confidence to investors in Lagos State.
LASG INAUGURATES TECHNICAL COMMITTEE ON REAL ESTATE REGULATION
… Promises to restore public confidence in the sector@jidesanwoolu @drobafemihamzat @lasrera @housing_LASG @LagosMoj @DrRabiuOlowo @gbenga_omo#LASG #ForAGreaterLagos
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— The Lagos State Govt (@followlasg) May 28, 2021