The Real Estate Developers Association of Nigeria, has defended the bill on Real Estate Housing Regulatory Council l by saying that it will help standardize the business of real estate in the country, provide enabling environment and transparency as well as ensure the sector operates in tandem with the best practices , among other objectives.
The body noted that there is the need for proper regulatory frameworks in the real estate industry,adding that the bill would also ensure that the sector conforms with the money laundry prohibition act 2011 as amended and other relevant acts.
According to the president of the association ,Dr. Aliyu Wamako, when the bill is passed into law as expected ,”all entrepreneurs in the business of real estate development are to be registered ….” , while expressing the hope that the bill will be assented to by President Muhammadu Buhari, whom he referred to as an advocate of best practices and transparency. He thanked the personnel of the Nigerian Financial Intelligent Unit and other stakeholders in housing and real estate sector.
He state that with the current development, it is time to ensure adherence with extant laws and national building court by all practitioners.
He said that passage of the bill into law will enhance value for money, quality of buildings m mitigation of incidents of collapse buildings in Nigeria.
He thanked members of REDAN who gave their support to the bill and promoter of the bill,, the Senate President, distinguished senators, Speaker of the House of Representatives and other members of the house of representatives for their consideration.
In similar vein, he used the occasion to inform that REDAN as a body comprises all stakeholders in the built industry. He said the bill will pave the way for more access to collaborate with long standing partners.
He said REDAN, through the passage of the real estate bill had strengthened its collaboration with its partners, promising to work hand in hand for the success of the industry. He also pledged to ensure the mitigation of the ugly incidents of building collapse in Nigeria.
