Given the spate of unprofessional practices, fraud and negligence in the real estate sector, the Housing Development Advocacy Network (HDAN) is set to sponsor a bill at the National Assembly that will empower the Real Estate Developers Association of Nigeria (REDAN) to perform regulatory roles that will checkmate illegal practises that are currently undermining the development of the sector in Nigeria.
According to the President of the Group, Festus Adebayo, the Advocacy Group is worried by various ponzy schemes by some so-called estate developers who fraudulently swindle unsuspecting clients of their hard earned resources all in the name of providing them housing opportunities.
In regard of this, they have therefore decided to work with REDAN to enable a law that will give them a legal backing to regulate the activities of real estate developers and related stakeholders in the sector.
The group believes that the several cases of building collapse, fraud complaints by housing project subscribers among others can be curtailed if a body like REDAN is vested with the power to independently ensure that professionalism and ethics are maintained.
To this end, the leading housing advocacy group will in partnership with REDAN approach the National Assembly to sponsor this all important bill which other stakeholders in the sector also agree is long overdue.
‘’As we can see today, there is no supra regulatory agency for the housing and construction sector in Nigeria. We have had and continue to have too many cases of building collapse, fraudulent practises by some unlicensed developers, with many of them currently under police and EFCC investigation. The victims of these fraudulent practises are many, and even includes people in government. So it is time to sanitise the sector,’’ Adebayo said.
According to him, they would work with the National Economic Summit Group, National Assembly committees on housing, professional bodies and many more to ensure that the Nigeria housing sector is better positioned to attract the kind of local and foreign investment needed for rapid development.
‘’The real estate sector is supposed to be one of the highest contributors to our GDP, but it is being dampened because there is no proper regulation. Nigeria has a huge property market, but it can only prosper and attract FDIs when there is proper regulation, professionalism and integrity,’’ he said.
The Group also revealed that there are other important bills that they are pushing either for enactment or amendment in the National Assembly.
‘’We are beginning an engagement with the National Assembly to fast track the passage of foreclosure bill into law to legally resolve default issues in the sector. Also the review of land use act of 1978, Federal Government Housing Loans Board bill (FGHLB), the National Housing Fund (NHF) Scheme Act 2018, amongst many others,’’ Adebayo said.
To make this dream of transforming the Nigeria housing sector work effectively, the group said that they are also open to partnership from other stakeholders.
