Lagos sets to sanitise real estate with legislation

In its quest to put an end to fraudulent and unscrupulous practices in the real estate sector, the Lagos State government has reiterated its commitment towards strengthening the Lagos State Real Estate Regulatory Authority (LASRERA) with the required legislative backing.

Governor Babajide Sanwo-Olu made this known at The Real Estate Discussions & Awards – REDA 2020 organised by Thinkmint Nigeria, a member of the TM Group in partnership with BusinessDay.

Sanwo-Olu, represented by his Special Adviser on Housing, Mrs. Toke Benson-Awoyinka, hinted that he was passionate about the real estate sector having successfully led the Lagos State Property Development Commission (LSDPC).

The governor said: “I am extremely committed to ensuring that the housing deficit being experienced in the state is a thing of the past”.

The virtual conference was streamed LIVE across YouTube, LinkedIn & Twitter hosting 30 eminent local and international speakers from the private and public sector and over 1,000 attendees globally.

The virtual conference was also the first major real estate event in Nigeria since the COVID-19 pandemic and the participating organisations included the Federal Housing Authority; the Lagos State Real Estate Regulatory Authority; Palton Morgan Group, Periwinkle Residences, Cedarview Communications, Homework Development, Attarhi Nigeria, and LiveVend.

Managing Director/Chief Executive Officer of The Federal Housing Authority,(FHA) Senator Gbenga Ashafa said: “As stakeholders in the real estate industry, the theme of this program not only requires us to outline the changes that are taking place in our industry but also requires us to rethink our strategy and retool in order to meet the daily evolving needs of the consumers in line with global realities.”

Ashafa explained that like every other industry, the real estate sector is grappling with a painful uncertainty in the global economy, rapid technological advancements, a growing appetite for homeownership by a retiring generation of baby boomers, a sharp deviation in lifestyles and tastes by a maturing generation of millennial, the impact of an unforeseen pandemic, amongst other realities and trends.

The MD/CEO FHA pin pointed the importance of answering questions on how to manage the change in consumer preferences, and other emerging trends going forward, as well as identified the three major areas necessary for the desired change to be building, financing, and documentation.

Managing Partner at ThinkMint Nigeria, Imelda Usoro-Olaoye, posited that the conference with the theme: “The real estate market, an overview of the current global changes” was apt to identify limitations encountered by players in the real estate market seeking global relevance.

Usoro-Olaoye said it was also intended to birth ideas that would facilitate the improved performance of the real estate industry.

Sanwo-Olu received the lifetime achievement award for leadership; Ashafa received the lifetime achievement award for excellence in recognition of his contributions to the growth of real estate; Mrs. Uzo Oshogwe, MD/CEO Afriland Properties as the Real estate woman of the year.

Other awardees include Brigadier General P.M. Tunde Reis, Chairman First World Communities who received the award for the Real estate man of the year. MD/CEO Broll Nigeria, Bolaji Edu received the special recognition award for contributions to the industry; Tayo Odunsi, CEO North court Real Estate received the award for the young real estate person of the year; the Pacific Lagos by Global Property Partners, a member of the Cavalli Business Group, and The Oceanna by Palton Morgan Group received the awards for The Standout Projects of The Year. Urban Shelter Nigeria received the award for the Property Developed Company of the Year – Residential.

Purple received the award for the Property Developed Company of the Year – Commercial. The Pacific Lagos by Global Property Partners and The Oceanna by Palton Morgan Group received the awards for The Standout Projects of The Year.

Chois Estates received the award for Residential Project of the year. The Oxygen Apartment received the award of the Luxury project of the year. Northcourt real estate received the award for Real estate services company of the year and real estate advisory company of the year. Alphamead Group received the award of Facility Management Company of the Year. Spleet Africa received the award for Proptech company of the year.