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Sanwo-olu Promises an Enduring Business-Driven Property Development Market

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…Attends LASRERA’S Maiden Real Estate Conference

Lagos State Governor, Mr. Babjide Olusola Sanwo-Olu has promised to create an enduring business-driven property development market in the State through the digitization of all land related transactions with effect from 2021.

Sanwo-Olu made this know while addressing property investors at the maiden Real Estate Marketplace Conference and Exhibitions organised by Lagos State Real Estate Regulatory Authority (LASRERA), with the theme: “Unearthing real opportunities in Real Estate” at Eko Hotel and Suites, Victoria Island on Wednesday.

The Governor expressed the belief that if the processes of land related issues including the issuance of Certificate of Occupancy, C of O, Building Plans are digitized and made accessible online, investors would have better atmosphere to thrive.

Governor Sanwo-Olu informed that the Department of Lands at the Lands Bureau have already concluded plans for migration from its present mode of operations to online and digital platform.

According to him, when the web-based platform is finally launched, there will be no need for applicants seeking for Certificates of Occupancy (C of O), survey and building plan approvals to physically submit paper documents for authorisation. All documentation and payments will be done by applicants from the comfort of their homes and offices.

He explained that the new development would bring about quick turnaround time in land transactions and boost private investors’ confidence in provision of home ownership model that will address deficits in housing.

He said; “We have given our commitment on this, because of the need to improve the turnaround time from when people submit their requests for approval and the time the authorisation is completed. We cannot afford to disappoint private investors and applicants seeking real time approval. We are raising our capacity, so that we can respond to the requests and discharge them.”

Sanwo-Olu used the occasion to warn against sharp practices in the processing and issuance of necessary building documents , stressing that the proposed online operation when becomes fully operational will help curb any unscrupulous practices as it relates to issuance of C of O , Building Plans and other necessary documents .

He restated the commitment of his administration to providing mass housing scheme that would address inadequacy in housing, pointing out that the establishment of LASRERA was part of the move to re-build integrity in housing market and gain confidence of private developers working with the Government to realise the State’s housing need.

He charged real estate investors and private developers to divert their investment to rebuilding mainland and redistributing wealth from the business, assuring that all parts of the State including the hinterlands are receiving expected attention in terms of infrastructural development.

He said: “I need to charge the real estate investors that, everybody needs not build in Sangotedo or Ibeju Lekki. Let us go to mainland and start regeneration of the assets in that part of Lagos. This way, we would be redistributing wealth and creating opportunities for our citizens.

The Special Adviser to the Governor on Housing, Mrs. Toke Benson-Awoyinka, in her address, said the conference was held with an objective to bring stakeholders in property business in contact with relevant Government agencies and address bottlenecks slowing down property transactions.

She explained that LASRERA was created with a mandate to bridge the gap of credibility in property business, pointing out that the Government responded to the yearnings of industry players, having realised there were genuine real estate practitioners and property developers, as well as genuine home and property seekers who were desirous of credibility in real estate transactions in Lagos.

Benson-Awoyinka said the regulatory agency, since inception, had set processes in motion to change the negative image of property development business and check malpractices which the sector had faced in the last decades.

She said: “As a Government that is determined to bridge the housing deficit in the State, we are aware of our role in not just the provision of houses, but also create an enabling environment for the private sector working hand in hand to a desired end.

“We are making a renewed appeal to investors in the sector to team up with the State Government to create a home ownership model that will help address the deficits observed in housing market in the State our through Public Private Partnership (PPP) initiative in providing mass housing for our people.”

There conference featured exhibitions for home marketing firms, Government and private property developers.

 

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