LASRERA, FELIREP IDENTIFY NEEDS TO UPDATED REAL ESTATE RULES – Lagos State Government

The Special Adviser to the Lagos State Governor on Housing, Barr. Barakat Odunuga-Bakare, emphasised the crucial role of the government in reforming and modernising real estate laws and regulations to meet the current requirements of investors and other relevant stakeholders in the construction sector.

She expressed this view on Thursday while speaking at the inaugural Women Lawyers in Real Estate Practice (FELIREP) conference, convened to discuss key issues plaguing the industry.

The event, held in Victoria Island, brought together key real estate stakeholders including government representatives, legal experts and industry leaders to discuss the theme: “The Gap: Lack of Amended Laws, Rules, Regulations, Policies and Effective Monitoring of Emerging Trends in the Nigerian Real Estate Market.”

Highlighting the rapid growth of the real estate market in Lagos State and its status as a commercial hub, Odunuga-Bakare stressed the need for updated regulations to foster transparency, fairness and sustainable growth in the sector

Highlighting LASRERA’s role in promoting accountability and protecting stakeholder interests through regulatory oversight, the Special Adviser noted that LASRERA played a key role in registering practitioners and enforcing regulatory compliance in the sector.

She stressed the importance of taking advantage of technological advances such as the digital E-GIS systems and the state land administration portal launched by the administration of Governor Babajide Sanwo-Olu.

Earlier in her welcome address, FELIREP President, Peace Anomneze expressed concern over the outdated laws that currently govern the real estate market in Nigeria.

She said: “In an era characterised by rapid transformation and disruptive technologies, our regulatory framework must remain agile and responsive. The missing gap in our regulatory framework needs to be filled towards a future characterised by growth, sustainability and resilience. The lack of updated rules and regulations not only stifles innovation but also exposes stakeholders to risk and uncertainty.”

Speaking during a panel session on the role of industry professionals in regulating the market and the legal barriers facing real estate investments and the need for reforms, the Group Managing Director, SURU Homes, Mr. Edward Akinlade, highlighted a comparison of the project approval processes in the real estate sector in the UK and Nigeria, stating that the project approval process in the real estate sector in Nigeria is not as efficient as expected.

He therefore recommended that the construction industry always use the services of professionals to reduce corruption in the sector.

The conference concluded with an appeal to all stakeholders to work closely together to promote comprehensive reforms in the real estate sector.

Participants agreed that regulatory changes are urgently needed to support sustainable development, increase market credibility and ensure the sector aligns with global best practices.