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•As Dangote gives insight into road construction
By Maduka Nweke, [email protected]
The Chief Executive Officer, Eximia Realty Company Limited, Hakeem Ogundiran, has warned that ongoing demolition of built structures contradicts efforts being made by operators to reduce housing deficit.
Speaking during an Annual Lectures organised by the Property and Environment Writers Association of Nigeria (PEWAN), Mr. Ogundiran, noted that every demolition amounts to economic leakage. He was reacting to the demolition of properties in Abule Ado axis of Festac in Amuwo-Odofin Local Government Area of Lagos State.
Ogundiran who doubles as the Chairman Lagos State Building and Investment (LSBIC) stated that the action was capable of demarketing efforts put by government to make housing affordable and available to members of the public.
He also explained the role of regulation and transparency in promoting growth in the real estate sector. “There is a strong nexus between fostering real estate transparency and strengthening regulatory frameworks,” he said, adding, “a robust regulatory framework is essential for promoting transparency in the real estate sector.
He further said, “Governments and regulatory bodies should enforce strict guidelines and standards for real estate transactions, ensuring compliance with ethical practices and legal requirements. “Transparent and enforceable regulations create a level playing field and foster trust among all stakeholders.”
Regulation, according to him, is very important in real estate investment, transaction and development as it creates the framework for aligning the interests of the primary and secondary participants in the real estate value chain, and also sets the standards for compliance and instituting the penal regime for infractions and breaches.
“Regulation is important for establishing the institutional framework for the implementation of extant laws and regulations and subsequent reviews and amendments. It enforces compliance with ethical, professional and other industry standards and eliminates sharp practices and misconduct,” he explained.
He added that regulation is necessary for dispute resolution mechanisms – including specialized and alternative dispute resolution models, and also for preserving the rights of the parties in the real estate ecosystem – government, developers, land owners, buyers, contractors, agents, etc.
“It is good for the prevention of sharp practices, fraudulent schemes and all acts inimical to the interests of stakeholders; it provides the platform for the growth and development of the sector,” he said.
He cited South Africa which has registered moderate improvements with a mandatory implementation of the Property Practitioners Act, Digitisation of land registry, adding that new beneficial ownership regulations have boosted Kenya’s position in the Property Transparency Index.
Oguniran explained that the implementation of Lagos State Real Estate Regulatory Authority (LASRERA) is as a result of advocacy in the sector, adding that the authority has helped to reduce quackery, fraud and double standard in estate agency practice in the state.
In his contribution, the Head, Corporate Communication, Dangote Group, Mr Anthony Chiejina, advocated modern road and building construction as is in use in developed countries. Joined with him, other stakeholders canvassed the use of rigid pavement and modern technology in the sector. The experts, urged all stakeholders to support the use of cement instead of bitumen for road construction, while adopting modern technology for mass production houses.
Chiejina said that rigid pavement construction was more durable with a life span of over 40 years as against 15 years for asphalt.
According to him, the Minister of Works, Mr David Umahi should be supported in the advocacy for quality and durable road construction. Chiejina urged journalists, engineers and other built sector experts to explain the benefits of the rigid pavement to Nigerians, as the needed solutions to bridging road infrastructure deficit in the nation. He explained the difference between rigid and flexible pavements as well as type of construction materials used for the long term and short term benefits respectively.
In her contribution, The Managing Director 3Invest, Ruth Obih, advised members of the press to always see themselves as the purveyors of dependable facts saying that the Press cannot afford to renegade on the confidence the reading publics repose on them.
