Lagos Real Estate Regulatory Authority (LASRERA), on Thursday set up a technical committee on Real Estate Regulation.
The committee, which was set up under Governor Babajide Sanwo-Olu’s directive is to develop a robust housing policy with stakeholder involvement and engagement.
Speaking at the inaugration, Special Adviser on Housing in Lagos State, Mrs. Toke Benson- Awoyinka who represented Governor Sanwo-Olu said the Committee’s mandate is to design a policy and fiscal framework to institute and promote global best practices in the state, curtail the malpractice in the real estate sector while improving financial transparency and fiscal responsibility.
“This Committee’s mandate is to design a policy and fiscal framework to institute and promote global best practices in the state, curtail the malpractice in the real estate sector while improving financial transparency and fiscal responsibility.
“This is in line with the Executive’s agenda of transforming Lagos State into a 21st century model of effective and efficient governance. The Committee has been charged with addressing the challenges in the sector with particular attention to reforming the Home Ownership Model to increase housing stock and reduce deficit.
“To achieve this, a sub-committee of four departments was set up, Legal, Finance, insurance, and Social/Resub-Sector Re-organisation.
“This committee will oversee the entire real estate framework and stakeholder engagement in the state to minimize trust deficiency. The structure will cater to the entire system of the real estate process and will incorporate participation from Private Developers, Financial Institutions and of course the State Government in a Public-Private Partnership model,” she said.
Commissioner for Finance, who is a member of the Finance Sub-Committee ,Rabiu Olowo in his address said the challenge in the area of housing called for a well thought out roadmap to enable the government understands the Real Estate Ecosystem and this is the basis for constituting the Lagos State Real Estate Regulatory Authority.
He said: “In modern cities like Dubai, where real estate accounts for c.20% of its GDP (compared to an average of 7% in most other countries). This statistic calls for a revisit of our real estate model and possible re-appraise our assumptions in other to improve our contribution to the Nigerian economy.
“The Real Estate Sector in Nigeria is yet to grow to the level of making impact on the growth of National GDP. The reason is not farfetched, it is because the secrets of the sector is yet to be explored by both the investors and the government to help harness the potentials to the benefits of the Nation.”