GOVERNOR’S AIDE URGES COMPLIANCE WITH REAL ESTATE LAWS AMIDST RISING RURAL-URBAN MIGRATION | Prestige Real Estate News
… Says Regulation, Compliance Needed to Tackle Housing Deficit
Amidst the increasing trend of rural-urban migration to Lagos State, the Special Adviser to Governor Babajide Sanwo-Olu on Housing, Barakat Odunuga-Bakare has urged relevant stakeholders in the built sector to comply with the State Real Estate Laws and Housing Regulations to maintain a balanced and sustainable growth.
Delivering the keynote address at the Property Investment Conference (PRINVEST 2024), organised by BusinessDay with the theme: “Navigating Real Estate Dynamics Balancing Rural To Urban Migration Population Growth, and Economic Impacts”, held recently at VCP Hotel, Victoria Island, Odunuga-Bakare underscored the challenges posed by rural-urban migration and its impact on Lagos State.
She highlighted the pervasive nature of rural-urban migration in Nigeria and neighbouring countries, describing Lagos as the epicentre of this phenomenon left with the challenges of a continuous influx of individuals seeking better opportunities and livelihoods.
The Special Adviser, who stressed the importance of managing migration effectively, citing its potential for socioeconomic development when properly handled, also cautioned against the negative consequences of unmanaged migration, particularly in exacerbating the already significant housing deficit in Lagos State.
In her words: “Lagos, with a population exceeding 22 million, faces a substantial demand for housing and amenities, fueled by rapid urbanisation. This surge in demand presents both challenges and opportunities for the real estate sector in the State. While attracting local and international investors, it also necessitates stringent regulation to safeguard against fraudulent practices”.
Odunuga-Bakare reiterated the commitment of the Lagos State Government to address the housing deficit and curb fraudulent activities within the real estate sector, saying that the establishment of the Lagos State Real Estate Regulatory Authority (LASRERA) is one of the proactive measures put in place to regulate the sector effectively.
Despite various partnerships between the state government and the private sector to tackle the housing deficit, Odunuga-Bakare acknowledged that the pace of development is hindered by the persistent migration rate and the desire of individuals to acquire properties in Lagos.
She, however, called for compliance with existing real estate laws and international standards to ensure the safety and well-being of residents, both local and in the diaspora.
