… As Governor meets Real Estate Practitioners at 3rd Real Estate Market Place Conference and Exhibitions
Lagos State Governor, Mr. Babajide Olusola Sanwo-Olu has assures residents of the State, especially accommodation seekers that the planned monthly rental payment for accommodation has not been jettisoned, stressing that his administration is currently working on the modalities for the effective take off of the decision.
He gave the assurance on Tuesday at the Opening Ceremony of the Third Lagos Real Estate Market Place Conference and Exhibitions Organized by Lagos State Real Estate Regulatory Authority-LASRERA, on Tuesday, at Eko Hotel and Suites, Victoria Island, Lagos.
The Governor said that the delay in the initial take-off date for the planned monthly rental payment for accommodation was as a result of government’s determination to ensure that all grey areas that can hamper the sustainability of the monthly payment scheme is addressed.
According to Governor Sanwo-Olu, what we have done was to return to the drawing board to re-examine the appropriate timing and best strategy that can be adopted to make the policy sustainable.
He averred that the decision of the government on the monthly rental payment was to support tenants and landlords regarding rent remittance, saying that the State Government cannot compromise its stance in protecting the interest of both house owners and accommodation seekers in all parts of the State.
Saying that the new rent policy will reduce the burden of rent payment for Lagos residents, Governor Sanwo-Olu, who was represented at the event by his deputy, Dr. Obafemi Hamzat, informed that the monthly rental payment will greatly ease the burden of yearly payment of rent on Lagos residents.
Sanwo-Olu appreciated all the stakeholders in the Real Estate Sector for making it a point of duty to gather on annual basis for the Conference to deliberate on the path towards achieving a 21st Century Economy in Lagos State through the Real Estate sector.
“I appreciate you for demonstrating your willingness, through your presence at this conference to partner with us to develop a real estate sector that reflect the status of our State as the commercial and industrial verve Centre of Nigeria.
“This conference and Exhibition was initiated as a platform for Individuals/Organizations operating in the Real Estate Sector to network and address developmental issues affecting the real estate business in Lagos State.”
On her part, the Special Adviser to the Governor on Housing, Mrs. Toke Benson-Awoyinka stated that the Real Estate Sector has been plagued with risks and losses which have been critical issues for practitioners in the Sector.
Benson-Awoyinka noted that the globalization on transparency on Business Transactions in the Real Estate Markets, as demanded from international Standard of any investments, necessitated the need for the involvement of government in the regulation of the Real Estate Sector which informed the establishment of LASRERA.
“As integral part of the Real Estate, Government’s regulations must address the ethical standards of potential risk in terms of losses for the protection of the citizenry’s investments.
“The risks of losses in the sector can be curb, if the individuals/ organizations that are operating in the Real Estate will register with LASRERA so that fraudulent practices can be reduced to barest minimum,” the Special Adviser emphasised.
In a panel session on “Stemming the Tide of Building Failure in Lagos State”
Mr Oluwatoyin Ayinde, Chairman, Panel of Inquiry into Ikoyi Building Collapse said everything about the collapsed 21-storey Gerald Road, Ikoyi building was wrong.
Ayinde confirmed that Students Architects who were not qualified were used for the construction of the building , there was no supervision and no insurance.
“A video shared confirmed that the developers said he doesn’t want to use professionals because it will require spending lots of money.
building collapse is not about the collapse of the building itself but about the collapse of ambition, expectations, hope and achievements.
Ayinde said all stakeholders must pay attention to the value placed on professionalism and human beings that will live in the buildings.
“It is our inability time properly conceive and think through the project that is responsible for collapse.
“Its so unfortunate that many developers are less concerned about the value of the lives that will live in the houses they are buiding with substandard material and poor specifications and only concerned about the gains they will make.
General Manager, Lagos State Building Control Agency (LASBCA) Arc. Gbolahan Oki, said the major causes of building collapse is attitude problem of developers and poor maintenance culture on buildings.
Oki said many developers always try to avert getting building approval and otherwise from what was approved in the plan.
He charged professionals in the built environment to ensure all building under construction is insured according to the Lagos State Government law and also obtain certificate or Fitness before the building is opened for habitation.
The General Manager, Lagos State Material Testing Laboratory (LSMTL) Engr. Olufunsho Elulade, said more houses in Lagos state may still collapse because most of the houses were built before the establishment of the building agencies and were not tested .
Elulade stated the reasons for buildiing collapse to include faulty foundation, weak construction ,lack of test, corrotion and natural disaster.
Director/CEO, Megamound Investment, Otunba Olumide Osunsina, Managing called for patnership between the state government and the private sector, as the government does not have enough manpower to stem the tide in sector.
Members of the construction industry solicited for work synergy among all government agencies in charge of Real Estate regulations in Lagos State.
