Lagos Assembly to Pass Bill on Real Estate Regulation

Experts in the Nigerian Real Estate industry have accused members of Lagos State House of Assembly of inappropriate behaviour, saying it is wrong for them to create a new Bill to regulate real estate activities in the state.

The allegation came during a public hearing on the Bill entitled; “Lagos State Real Estate Regulatory Authority” which went through public listening at the Assembly pavilion.

Mr Olukayode Olatunji, A lawyer, in his statement faulted the Assembly for holding the public hearing, saying matters relating to the control of real estate activities in Lagos state was before a court of law already. “There is a court order on this matter” he stated.

There’s no need wasting time with this public hearing. We are in court and we must respect the law. We are lawmakers, and we shouldn’t break the law,” he said.

Present at the public hearing, Professor Martins Dada from the University of Lagos wanted the house to explain what was meant by real estate transaction, stating that problems shouldn’t be created by trying to solve another one. “ Real estate investment in Nigeria is risk enough already, The House should think about ways to grow the economy and not destroy people’s efforts by originating an unfriendly environment around real estate transactions”, he said.

The chairman of the committee on housing, Mr Bisi Yussuff , stated in his address that  that the Bill was meant to check profligacy of operators  in the sector as well as curb the excesses of quacks in the real estate industry.

Mr Mudashiru Obasa (Speaker of the House) who was  represented by the Deputy Speaker, Mr Wasiu Eshinlokun-Sanni, statedthat public hearing is part of the practice of the House before any Bill is passed into Law.

Mr Sanai Agunbiade ,the Majority Leader of the House, after reviewing the Bill,  said that the bill was divided into 37 sections and that the regulatory authority would be led by a Chairman, who shall be a well know trustworthy character  and a professional in his area of practice with no less than 15 years of experience.

Mr Godwin Alenkhe , the National President of Estate Rents and Commission Agents Association of Nigeria,  said that estate surveyors and valuers were left out  in the composition of the Board and that the Bill was an amendment to the 2007 Law on Real Estate.

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