Lagos State Real Estate Regulatory Authority , LASRERA on Wednesday held a stakeholders’ meeting to improve the Housing Sector in Lagos State.
The Roundtable discussion was on the incorporation of Foreclosure clause into the Lagos State Mortgage and Property law.
In her address, Special Adviser to Governor Babajide Sanwo-Olu on Housing, Mrs Toke Benson said the present administration is determined to develop the sector through proper laid down regulations that would ensure that local and International investors are attracted, and that the highest level of integrity is maintained in the real estate sector.
She said: “Lagos State Mortgage and Property Law aims to encourage growth in real estate and regulate consumer loans for property realisation in the State.
“The Law seeks to create conducive environment for accessible and affordable mortgage for the benefit of people of the state to acquire their own homes by paying a certain percentage of the cost of the unit and paying the balance over a period of years whilst residing in the property.
“In view of the huge housing deficit in the State, the Lagos State Government adopted multi-dimensional approach to reduce housing deficit to the barest minimum despite the prevailing economy downturn.
“All relevant stakeholders in the real estate sector, as well as finance and banking sectors, including the private developers have been engaged in several discussions on accessibility to long term finance, low cost housing construction at improved quality, contract enforcement and issue of foreclosure.”
Attorney General and Commissioner for Justice, Moyosore Onigbanjo in his address at the event said Lagos is trying to change the old order, thereby lead a revolution in the real estate sector.
Chairman, Lagos State House of Assembly committee on Housing, Hon. Rasheed Makinde in his address said after the public hearing of the bill, a kind of stakeholders’ meeting was needed so as to discuss some issues that were not touched during the public hearing.
He expressed the need to strengthen the bill to meet new challenges in the sector.
Managing Director of Nigerian Mortgage Refinance Company, NMRC, Mr Kehinde Ogundimu in his address said affordable housing will continue to be a mirage unless the sector gets massive investments.
“To make housing available and affordable, we need enormous investments in real estate, and this cannot be done by government alone, we need the private sector.
“What government can do and is doing with the amendments is to provide the enabling legal environment/framework that will attract investors with patient capital into this sector,” he said.