LASRERA, FELIREP Identify Need for Updated Real Estate Regulations | Prestige Real Estate News
The Special Adviser to the Lagos State Governor on Housing, Barr. Barakat Odunuga-Bakare has highlighted the pivotal role of government in reforming and modernizing real estate laws and regulations to meet present-day demands by investors and other relevant stakeholders in the built sector.
She expressed this view on Thursday while speaking at the inaugural conference of Female Lawyers in Real Estate Practice (FELIREP) convened to address critical issues plaguing the industry.
The event, held at Victoria Island, brought together key Real Estate stakeholders including government officials, legal experts, and industry leaders to discuss the theme: “The Missing Gap: Absence of Revised Laws, Rules, Regulations, Policies, and Effective Monitoring on Emerging Trends in the Nigerian Real Estate Market.”
Emphasizing the rapid growth of Lagos State Real Estate Market and its status as a commercial hub, Odunuga-Bakare stressed the need for updated legislation to foster transparency, fairness, and sustainable growth in the sector
“The Lagos State real estate market remains a vibrant force within the national economy, attracting investors seeking diversification and steady returns.
“To ensure its continued success, it is imperative to actively review and update real estate laws, rules, regulations, and policies while establishing effective monitoring mechanisms,” she noted.
Odunuga-Bakare underscored LASRERA’s role in promoting accountability and protecting stakeholders’ interests through its regulatory oversight.
She added that the Lagos State Real Estate Regulatory Authority – LASRERA has been pivotal in registering practitioners and enforcing compliance within the sector.
Odunuga-Bakare further highlighted the importance of embracing technological advancements such as the E-GIS digital systems and the state’s land administration portal launched under Governor Babajide Sanwo-Olu’s administration.
In the welcome address, the President of FELIREP, Peace Anomneze, expressed concerns over the outdated regulatory framework currently governing the Nigerian real estate landscape.
“In an era marked by rapid transformations and disruptive technologies, our regulatory framework must remain agile and responsive.
She said that the missing gap in our regulatory framework must be bridge towards a future characterised by growth, sustainability, and resilience.
The absence of updated laws and regulations not only stifles innovation but also exposes stakeholders to risks and uncertainties.” Anomneze urged.
Speaking during the Panel Session on the Roles of industry professionals in Regulating the Market and the Legal Barriers Confronted by the Real Estate Developments, the need for reform, the Group Managing, SURU Homes, Mr Edward Akinlade highlighted a comparison between the approval processes in the real estate sector in the UK and Nigeria, saying that the approval process for real estate projects in Nigeria is not as efficient as expected.
He advised those in the sector to always use professionals so that corruption can be curbed in the sector.
Some seasoned Real Estate Lawyers with Professionals in the sector discussed the following topics at the event; comparison of foreign laws with Nigerian property laws; the Gaps and recommendation, the roles of the industry Professionals in regulating the market and the legal barriers confronted by the real estate developers, the need for reform.
During the plenary session, the founder, Proptech Nigeria, Dr Roland Igbinoba, discussing the emerging areas in the real estate & recommended areas for new law, rules,regulations and policy development.
Other speakers during the session includes; President, Nigeria Institute of Structural Engineers, Principal Partner, YBA & Co.Solicitors, Olamide Adeleye,Partner, Banwo & Ighedalo, Abimbola Akeredolu (SAN ), and Principal Partner, M A Banire & Associaates, Dr.Muiz Banire (SAN), National President, Real Estate Developers Association of Nigeria ( REDAN), prince Akintoye Adeoye also a Lawyer, Director, Centre for Housing and Sustainable Development, Prof. Timothy Nubi, amongst others.
The conference concluded with a call to action for all stakeholders to collaborate closely in advocating for comprehensive reforms in the real estate sector.
Participants agreed on the urgent need for legislative amendments that would foster sustainable development, enhance market credibility, and ensure the sector’s alignment with global best practices.
