LASRERA, Others Chart Path for Real Estate Regulation

July 8, 2024

The Special Adviser to the Lagos State Governor on Housing, Barakat Odunuga-Bakare, has highlighted the pivotal role of government in reforming and modernising real estate laws and regulations to meet present-day demands by investors and other relevant stakeholders in the sector.

She stated this over the weekend while speaking at the inaugural conference of Female Lawyers in Real Estate Practice (FELIREP), convened to address critical issues plaguing the industry.

The event with the theme: ‘The Missing Gap: Absence of Revised Laws, Rules, Regulations, Policies, and Effective Monitoring on Emerging Trends in the Nigerian Real Estate Market’, brought together key real estate stakeholders, government officials, legal experts, and industry leaders.

Emphasising the rapid growth of Lagos State Real Estate Market and its status as a commercial hub, Odunuga-Bakare stressed the need foroo updated legislation to foster transparency, fairness, and sustainable growth in the sector.

“The Lagos State real estate market remains a vibrant force within the national economy, attracting investors seeking diversification and steady returns. To ensure its continued success, it is imperative to actively review and update real estate laws, rules, regulations, and policies while establishing effective monitoring mechanisms,” she noted.

Odunuga-Bakare underscored LASRERA’s role in promoting accountability and protecting stakeholders’ interests through its regulatory oversight.

She added that the Lagos State Real Estate Regulatory Authority – LASRERA has been pivotal in registering practitioners and enforcing compliance within the sector.

The SA further 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.

In the welcome address, the President of FELIREP, Peace Anomneze, expressed concern over the outdated regulatory framework currently governing the Nigerian real estate landscape.

“In an era marked by rapid transformations and disruptive technologies, our regulatory framework must remain agile and responsive”, she said

Anomneze said that the missing gap in the nation’s 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.” Anomneze urged.

Speaking during the panel session on the Roles of industry professionals in Regulating the Market and the Legal barriers confronted by real estate developments, the need for reform, the Group Managing Director, SURU Homes, 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 was not as efficient as expected.

He advised those in the sector to always use professionals so that corruption could be curbed in the 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.