L-R: Dr. Rabiu Olowo, Commissioner for Finance; Mrs. Toke Benson-Awoyinka, Special Adviser to Governor; and Mr. Moyosore Onigbanjo, Commissioner for Justice at the Event Photo: LASG/Twitter

Lagos inaugurates committee to regulate real estate, reform home ownership

*The Lagos State Government says the technical committee is expected to set up a comprehensive system and framework, prioritising the development of a fiscal responsibility and transparency model that promotes the inflow of local and international funding in the state

Emmanuel Akosile | ConsumerConnect

In order to create and develop a robust housing policy with stakeholder involvement and engagement towards curtail malpractices in the real estate sector, Lagos State Government (LASG) has inducted a 16-man Technical Committee on Real Estate Regulation to facilitate the restoration of investors’ and public confidence in the sector of the state economy.

ConsumerConnect reports the Technical Committee’s mandate is to design a policy and fiscal framework to institute and promote global best practices in the sector.

Mrs. Toke Benson-Awoyinka, Special Adviser to the Lagos State Governor on Housing, disclosed this development at the inaugural meeting of members of the Committee in Lagos.

Benson-Awoyinka said that one of the lessons from the outbreak of COVID-19 pandemic is the need to create and develop a robust housing policy with stakeholder involvement and engagement, as well as curtail malpractices in the real estate sector, while also improving financial transparency and fiscal responsibility.

The Committee has the mandate of addressing the challenges in the sector with particular attention to reforming the Home Ownership Model to increase housing stock and reduce the deficit, stated the Governor’s Special Adviser on Housing.

She further explained that in order to achieve this objective, “the Committee will be required to set up a comprehensive system and framework, which will prioritise the development of a fiscal responsibility and transparency model, to promote the inflow of local and international funding required to confront the housing deficit, among others.

“The Committee will set up a governance structure that will oversee the entire real estate framework and stakeholder engagement in the State to minimise trust deficiency.

According to her, “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.’’

The governor’s aide further said in order to boost confidence and safeguard investment in Lagos State, the Committee will be responsible for the centralisation of insurance management for all real estate assets, which will dovetail into the existing Lagos State Risk Management framework.

Dr. Rabiu Olowo, Lagos State Honourable Commissioner for Finance, also a member of the Committee from the government side, at the forum said that beyond building roads and bridges, the promotion of policy formulation for ease of doing business is also important to address the challenges confronting the State.

The Commissioner noted that the Real Estate sector in Lagos State has not done optimally well, considering the huge potential in the sector and its contribution to the country’s Gross Domestic Product (GDP).

He, therefore, urged all stakeholders to work as a team in transforming the Real Estate Sector to become one of the best real estate sectors across the globe.

Mr. Moyosore Onigbanjo, Attorney-General and Commissioner for Justice in Lagos State, in his remarks on the occasion, called on the Committee’s members to see the task ahead as efforts at revamping the entire real estate practice in the country, through Lagos State.

Onigbanjo said with the partnership of key stakeholders and industry players in the real estate sector of the economy, members of the Committee will be able to provide the right regulatory framework for real estate transactions to thrive and give confidence to investors in Lagos State.

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