THE Lagos state Government has asked stakeholders in the real estate business to collaborate with it to de-risk investments in housing and reduce building collapses and demolitions.
The Special Adviser to the Governor on Housing, Barakat Bakare, made this call at the 4th Lagos Real Estate Market Place Conference and Exhibitions held between December 13 and 14 and organised by the Lagos State Real Estate Regulatory Authority (LASRERA).
She said the choice of the theme, ‘Real Estate Regulation: A Penacea for Disaster Mitigation and Recovery in the Built Industry,’ was based on the need for collective assent and joint action in support of regulations and compliance in the sector.
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“The Sector has been bedevilled with various disasters in recent times, ranging from building collapse, demolitions, inability to recoup investments, agents’ fraud, to mention a few. There is a need for us to unite and consciously change this narration.
“De-risking housing investments for private developers and investors is a key goal for us in Lagos state. We are certain that providing a favourable environment for private investment in the built sector is fundamental and an entry point for a partnership that works.” Bakare told participants at the conference.
At the two-day event, stakeholders pointed out that the real estate business faced many challenges despite Lagos state’s seemingly robust regulatory framework.
They criticised the state’s housing ministry and various agencies for not doing their jobs as required, thereby creating loopholes for some developers to abuse the system and encouraging quacks.
The incoming president of the Real Estate Developers Association of Nigeria (REDAN), Aliyu Wamakko, lamented the improper coordination of the various agencies under the Lagos state Housing Ministry.
He cited a situation where a developer who had obtained building approval, governor’s consent, and layout approval would fall victim to building demolition for not getting drainage permission, which ideally should have been factored in before commencing construction.
He, however, called on developers to abide by the state’s building code in totality.
While the real estate market in Lagos is booming, with high demand for residential and commercial properties due to the city’s growing population, rising incomes, and increasing urbanisation, the state experiences frequent disasters in building collapse and demolition.
Recent developments show that the state government has been busy demolishing buildings in various parts of the state, such as Lekki Phase II, Ikota GRA, and Oyingbo in Ebute-Metta and the International Trade Fair Complex and other areas, for multiple offences.
Besides, unspecified numbers of multi-million naira buildings are also marked for destruction for various environmental offences, ranging from building on drainage channels to lack of approvals, among others.
In April, the state government demolished over 20 houses on Banana Island and 13 buildings in Ajao Estate, Alaba market, and other parts of the state. In November, it also demolished distressed buildings in the Oyingbo, Ebute-Metta area of the state.
In September, a school-turned-residential building housing over 500 rooms with hundreds of residents known as Agboye Estate on Oduntan Street, Ketu, caved in entirely and also in November, a woman said to be 80-year-old was reported to have died as a result of a building collapse in the Oyingbo area of the state.
These incidents require synergy and disaster mitigation strategies by the various stakeholders in the building industry.
Speaking, the Lagos State Governor, Babajide Sanwo-Olu, represented at the event by the Commissioner for Housing, Moruf Akinderu-Fatai, said the urgency of addressing the impact of the well-regulated real estate sector was more apparent than ever before.
“To minimise the risk of disasters and enhance the resilience of structures, it has become compulsory for relevant authorities to require individuals and organisations to purchase insurance coverage against natural disasters.
“Let us all know that by prioritising safety, enforcing building codes, and promoting transparency, we can create resident communities that are better equipped. Let us work hand-in-hand to advocate for robust real estate regulation, for it is through our collective efforts that we can build a safer and more sustainable sector,” the governor urged stakeholders.
The ICIR reported that real estate developers, agents, financiers, realtors, marketers, and other practitioners said it had become imperative for the Lagos government to sanitise the built industry.