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Lagos creates department to regulate real estate business

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Lagos State government has created a new department in the ministry of housing to regulate the various rules guiding real estate business in the state, including the newly enacted Tenancy law introduced last year to regulate the relationship between landlords and tenants.

Commissioner for Housing, Mr. Bosun Jeje, who disclosed this, also ‘noted that in addition to challenges posed by non-availability of land and access to funding, the other major challenge to home ownership in the state is the financial incapability of the masses to acquire their own houses.

“It is in this regard that government resolved to apply the principles of real mortgage that will enable allottees spread the payment of their mortgage over a period of 10 to 15 years as a lasting solution,” he said.

Jeje said the state government is working towards evolving a ‘real’ mortgage scheme in the country that is patterned in line with global best practices. He noted that what is presently obtainable in the nation’s real estate sector can best be described as “flexible payment of housing loan as against mortgage in its real sense of it.”

He remarked that in recognition of the vital role of the private sector in sustainable development of mass housing, government has commenced moves to partner with organised private sector on housing delivery in the state.

According to him, “the state government reckons that ultimately it is the private sector that has the capability and funding to provide housing needs while government plays a regulatory role and provide the enabling environment for the industry to grow.” He added that this is evidenced in the delivery of the Elegant Court, Ikota with 72 units of three bedroom flats commissioned last year.

The commissioner noted that the state government is currently involved in direct construction of houses for now to help bridge the existing gap and make a statement as to the viability and workability of the concept, with a view to attracting private participation to drive the industry.

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