LASRERA, FELIREP IDENTIFY NEEDS FOR UPDATED REAL ESTATE REGULATIONS
The Special Adviser to the Lagos State Governor on Housing, Barr. Barakat Odunuga-Bakare has highlighted the pivotal role of the government in reforming and modernizing real estate laws and regulations to meet present-day demands by investors and other relevant stakeholders in the built sector.
She expressed this view on Thursday while speaking at the inaugural conference of Female Lawyers in Real Estate Practice (FELIREP), convened to address critical issues plaguing the industry.
The event, held at Victoria Island, brought together key Real Estate stakeholders including government officials, legal experts, and industry leaders to discuss the theme: “The Missing Gap: Absence of Revised Laws, Rules, Regulations, Policies, and Effective Monitoring on Emerging Trends in the Nigerian Real Estate Market”.
Emphasising the rapid growth of the Lagos State Real Estate Market and its status as a commercial hub, Odunuga-Bakare stressed the need for updated legislation to foster transparency, fairness, and sustainable growth in the sector
Underscoring LASRERA’s role in promoting accountability and protecting stakeholders’ interests through its regulatory oversight, the Special Adviser noted that LASRERA has been pivotal in registering practitioners and enforcing compliance within the sector.
She highlighted the importance of embracing technological advancements such as the E-GIS digital systems and the state’s land administration portal launched under Governor Babajide Sanwo-Olu’s administration.
Earlier in her welcome address, the President of FELIREP, Peace Anomneze expressed concern over the outdated regulatory framework currently governing the Nigerian real estate landscape.
She said, “In an era marked by rapid transformations and disruptive technologies, our regulatory framework must remain agile and responsive. The missing gap in our regulatory framework must be bridged towards a future characterised by growth, sustainability, and resilience. The absence of updated laws and regulations not only stifles innovation but also exposes stakeholders to risks and uncertainties”.
Speaking during the Panel Session on the Roles of industry professionals in Regulating the Market and the Legal Barriers Confronted by the Real Estate Developments, and the need for reform, the Group Managing Director, SURU Homes, Mr. Edward Akinlade highlighted a comparison between the approval processes in the real estate sector in the UK and Nigeria, saying that the approval process for real estate projects in Nigeria is not as efficient as expected.
He therefore advised those in the built industry to always use professionals so that corruption can be curbed in the sector.
The conference concluded with a call to action for all stakeholders to collaborate closely in advocating for comprehensive reforms in the real estate sector.
Participants agreed on the urgent need for legislative amendments that would foster sustainable development, enhance market credibility, and ensure the sector’s alignment with global best practices.