Muibi Kehinde Hammed, the chief executive officer of MKH Properties Limited, has called on the Lagos State government to cleanse the real estate sector by monitoring and eliminating unlicensed emergency developers and others engaging in dubious practices.
Hammed emphasized the imperative of weeding out developers who bypass the Lagos State Real Estate Regulatory Authority (LASRERA) to acquire operational licenses. Speaking during a discussion on industry projections in Lagos, he advocated for a comprehensive strategy that includes strengthening advocacy, education, digitization, and collective enforcement.
The CEO underscored the significance of fostering a positive industry culture, urging developers to uphold ethical practices, stay informed, and actively contribute to the positive evolution of the real estate sector.
In the wake of multiple building collapses in Lagos throughout 2023, Hammed directed attention to the state government, suggesting the benefits of partnering with academic institutions to provide periodic training and workshops for the public. He believes this would contribute to overall development and professionalism within the industry.
Having participated in a panel session at a recent real estate marketplace and exhibition, Hammed stressed the critical need for restructuring within the real estate industry. The event brought together officials from various sectors, fostering collaboration between housing, lands, real estate, approval, regularisation, customer protection agencies, mortgage, insurance, and technology in both the private and public sectors.
Recognizing collaborative efforts, Hammed applauded individuals and organizations, including the Special Adviser to the Governor on Housing, Barakat Bakare, realtors, stakeholders, developers, and the media. He concluded by calling for more partnerships to further promote and advance the real estate industry.