Housing: Lagos State charges Stakeholders to follow ethical standards

The Lagos State government has convened the 4th edition of the Real Estate Market Place  Conference and Exhibition with a charge to Real Estate players to follow the rules and sanitise the sector.

The 2023 edition of the event with the theme; “Real Estate Regulation: A Panacea for Disaster Mitigation and Recovery in the Built Industry,” according to the government was designed to further address the regulatory framework and register more Realtors.

Governor of Lagos State, Mr. Babajide Sanwo-Olu said the theme of the event is quite apt as it encapsulates the state’s dedication to fostering an environment of regulatory excellence and resilience within the sector.

Sanwo-Olu represented by Commissioner for Housing, Mr Akinderu Fatai explained that the session was put together to activate a path to transform potential of regulating the real estate sector and facilitate a transparent and enabling environment for the licensed Practitioners within the Industry.

The Governor who acknowledged that the Housing industry is facing unprecedented challenges, however called for concerted effort to scale up the activities in the industry.

“Our cities bear witness to the repercussions of unregulated development and the vulnerability of inadequately constructed structures to the forces of nature. This conference would also stand as a testament to our collective acknowledgment that a strategic, comprehensive approach to real estate regulation is not a luxury but an imperative for sustainable growth. We embark on a journey to explore how effective regulation can act as a shield, fortifying society against the avoidable challenges posed by unregulated development.

“Real estate regulation, in its traditional sense, has often been seen as a framework of rules and guidelines governing transactions and developments within the industry.

“Today, we challenge ourselves to view regulation through a different lens – an instrument of change, innovation, and resilience. Our deliberations will span the spectrum from the review and enhancement of building codes to the encouragement of sustainable practices, and the cultivation of a culture that prioritizes disaster resilience in every facet of the built industry” he said

Sanwo-Olu added that the event is to provide insight into the investment opportunities in the Real Estate Sector in lagos state, review trends within the profession and proffer possible and sustainable solutions to identified and emerging challenges as well as chart a way forward.

GDP Contributor

In her remarks the Special Adviser to Governor Sanwo-Olu on Housing, Barakat Bakare said that the real estate sector in contributing immensely to the state GDP and that prompted the need to organise platform of such to generate the synergy for the prosperity and well- being of all stakeholders.

Bakare who is coordinating the Lagos State Real Estate Regulatory Authority LASRERA mentioned that the transformative trends envisaged for Lagos State can only be fully achieved when a strategic Authority like LASRERA is effectively functional in the discharge of its statutory responsibilities.

“Lagos remains the economic heartbeat of the nation with real estate contributing a sizable share to the Lagos GDP. Real Estate contributed 5.31% to real GDP in Q1, 2023. Besides, the real estate sector in Lagos has displayed great potential to create jobs, bridge housing deficit as well as boost economic growth. This year alone the budget for affordable housing in Lagos was in excess of N67 Billion. In cognizance of the huge benefit within the value chain of real estate, there is need to organize platforms of this nature in a bid to generate the required synergy for the prosperity and well-being of all stakeholders.”

She commended the unflinching support of Governor Sanwo-Olu for strengthening the authority to discharge its mandate as she emphasised that “In four years of its establishment, the Authority has been performing its responsibilities towards the attainment of a resilient and irrepressible City.

“Considering the huge opportunities in real estate, the stakes are higher as there are several risks and dangers that could make or mar us as players. However, embracing best practices is the sure way to mitigating disasters in the sector. There are established quality control measures, time tested ethics and operational principles applicable in all professions.

“In spite of laid down rules and tenets, we cannot curb innate human tendencies of some who will always attempt to circumvent and sabotage extant rules. This is where regulation and compliance works for all. While complying, we do not only build integrity but equally mitigate potential disasters that may occur as a result of non-compliance. Our work ensures that investments are also secured, return on such investment is guaranteed, lives are preserved and major tragedies of life are averted.” she added

Bakare maintained that de-risking housing investments for private developers and investors is a key goal for the government of Lagos State, stressing that Governor Sanwo-Olu’s administration would continue to provide a favourable environment for private investment in the Built Sector and allows for partnership that works.