Lagos State Government has said that demolition of illegal structures across the state will continue as long as developers refuse to comply with all the rules and regulations.
The state government said the need for those in the Real Estate sector and residents to always verify the status of every land becomes important.
Speaking at the closing ceremony of the 4th Lagos Real Estate Market Place Conference and Exhibition, with the theme; “Real Estate Regulation: A panacea for disaster mitigation and recovery in the built industry” Lagos State Governor, Mr. Babajide Sanwo-Olu said only lands that were duly registered at Lands Bureau of the state and with proper documentations and titles should be considered for investments in the state.
Governor Sanwo-Olu, who was represented by the state Head of Service, Mr. Bode Agoro mentioned that people run into trouble when seeking for acquisition of lands without following due process.
He said “anyone who obtained planning information from the Ministry of Physical planning and ensure proper titles to the land would be spared from any issues with government. Every building must be in conformity with the plan of the state while Environmental Impact Assessment must be considered at all times.
“Lagos state Government is doing the utmost best but very disheartening that some illegal devoplers were carrying out activities to undermine the physical planning of the state.”
He added that the state is battling with proper planning for thousands of people who migrate into Lagos on a daily basis in search of greener pastures, stressing that full cooperation by stakeholders to abide by the rules will avert disasters such as building collapse.
Best Practices
The Special Adviser to the state Governor on Housing, Barakat Odunuga-Bakare in her contribution emphasized that professionals in the building sector must adhere to best practices in order to mitigate associated disasters in real estate investment, adding that following established guidelines and regulations is crucial to ensure the safety and resilience of buildings and infrastructure.
Odunuga-Bakare said that the state government is committed to promoting and enforcing best practices across the building sector by working closely with developers, contractors, and other stakeholders to ensure compliance and raise awareness about the importance of safety measures.
She stated that prioritizing adherence to best practices, Lagos State aims to create a safer and more resilient built environment for its residents, just as she urged all stakeholders to play their part in mitigating disasters and ensuring the long-term sustainability of the sector.
Speaking on the significant potential of the real estate sector in the growth of Lagos State’s Gross Domestic Product (GDP), Odunuga-Bakare, stated that real estate contributed 5.31 percent to the state’s GDP in the first quarter of the year 2023.
According to her “Real estate in Lagos has also 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 more than a billion.”
She highlighted the importance of continued investment and development in the sector to unlock its full economic benefits from what the sector contributes to the GPD of the State presently to what the real estate sector can generate as income for Lagos State.
The 2-day event was organised by the Lagos State Real Estate Regulatory Authority (LASRERA) to provide insight into the investment opportunities and threat in the sector.
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