Developers under the aegis of the Real Estate Developers Association of Nigeria have applauded the passage of the Real Estate Regulatory Bill by the Senate.
They also outlined ways the subsector could move to the next level in terms of imbibing the best industry practices.
According to the developers, the new regulatory bill will address corruption and other sharp practices in the sub-sector if eventually signs into law by the President, Major General Muhammadu Buhari.
The Publicity Secretary, REDAN, Ahmed Abubakar, spoke in an interview with our correspondent on Friday.
Abubakar said the latest move on the regulatory bill would enhance the growth of the industry and the economy in general.
He said, “Recently, the Real Estate Regulatory Bill was passed by the Senate; it is going down to the House of Assembly to be given their blessings so that it can be sent to the President for signing. The bill will create a form of standard in estate development in Nigeria.
“Once the President signs it, we must make sure we enforce it to the letter. We will follow it up to the letter because there is so much corruption in the built industry in terms of getting approvals. I will advise state governments to look at the salary package of the professionals who approve the building drawings. They should be given more incentives. Persons coming up with fake drawing or sub-standards work should be stopped.”
The REDAN spokesperson also hinted that some practitioners, who are not members of the association, often got away with certain sharp practices.
He, however, said the association had come up with certain standards to address such issues.
He said, “The man, Femi Osibona, of the 21-storey building in Ikoyi and his company are not members of REDAN. We have certain standards for our members. Once you register with us, we give you a seal which you give to your subscribers when you are giving them allocation.
“So, standards are upheld for all our members. If an intending member registers, the company pays N25,000 extra for 500 seals. In the event that anything happens to the building, REDAN can be held responsible for it, REDAN would in turn hold the developers responsible for the collapse.”
On his part, the Head, Online Media, Estate, Rent & Commission Agents Association of Nigeria, Adeniyi Adeyemi, while also lauding the passage of the bill, advised the government on how to encourage best practices in the industry.
He said, “Let us go for the best industry practices by getting the real professionals into the business. I support the bill. The government needs to help in the area of materials and regulations on who is who in the business. We have quacks among the developers. Many people come into this business because they think it is profitable.
“There should also be soft loans for the professionals. The Lagos State under the Ministry of Housing is trying to make every professional to key into licensing. Let the professionals show evidence of membership in their associations. Let the associations give recommendations.”