This New 2020 Real Estate Regulation Bill Has Scaled Second Reading At Lagos Assembly

As the Lagos State Government continues to make efforts to regulate real estate activities across the state, the bill committed to this cause has scaled the second reading. The State House of Assembly passed the real estate regulation bill through voice votes conducted by the house speaker, Mr Mudashiru Obasa.

According to Mr Adedamola Kasunmu, a member of Lagos State House of Assembly representing Ikeja constituency II, the real estate regulation bill would redress the anomalies in the real estate business.

“This bill seeks to redress the anomalies of real estate and consultancy services amongst other issues that ought to be looked into in the real estate business. It will also see the valuation of real estate assets, prevent the breakdown of law observed among the realtors, real estate manager and others.

“It makes the recommendation of policies that influence better deal in the lands bureau, New Town Development Authority NTDA and others, it will also enhance the Internally Generated Revenue (IGR) of the state,” Kasunmu said.

The other lawmakers also took turns to give their contributions on the matter. Mr Kehinde Joseph who represents Alimosho II noted that the real estate regulation bill would help streamline the activities of real estate agents.

Also contributing was Ibraheem Layorde, a member of the house representing Badagry I, who hinted that most of the agencies collecting fees were not making returns to government coffers. He added that the bill, when passed and assented to, would aid speedy dispensation of justice on issues in the real estate business.

Another lawmaker, Bisi Yusuff emphasized the prevalence of anomalies that exist in real estate transactions in the state. He added that the real estate regulation bill was long overdue.

“There are quack agents collecting rent for owners, yet make no returns nor commit money to those they claim to represent. The Dubai experience and database that affirms the genuineness of the transaction is in view,” he said.

On the other hand, away from the real estate agents, Mr David Setonji, Badagry II, talked more about the involvement of professional engineers, especially the registered civil engineers in real estate. Setonji said the matter dealt with housing and certified engineers, who must hold the sanctity of the professional body they belonged to with fear.

Mr Sanai Agunbiade, Majority Leader of the House was not left out of the discussion as he said that owners of perceived abandoned buildings or uncompleted ones needed to be contacted before taking action against them.

“I am of the opinion that certain buildings are not really abandoned, the period needs to be stated, the penal section needs to be put in proper perspective,” he said.

Apart from correcting the anomalies in the real estate sector. This bill would be of help in solving the challenges faced by people while also attracting foreign investors to the state’s real estate sector.

After the contributions, Obasa, the speaker then committed the bill to the Committee on Housing to report back in two weeks.

Have you read our article on what you need to know about residential service charges? It provides an insight of the charges that come with living in an estate in Nigeria. Estates are known to provide facilities such as parks, gym, swimming pool, shopping complexes and other amenities which is why there are payments to be made since luxury comes with costs.

Payment for these basic amenities and facilities is called service charges. In more broad terms, service charges are compulsory fees that the management requires the residents of the estate to pay towards the maintenance and repairs of the facilities in the estate as well as for the staff that work in the estate. They cover the smooth running of the estate to avoid hiccups. 

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