The Lagos State House of Assembly is set to pass a new bill that will regulate real estate operations in the state.
The bill entitled; “Lagos Stats Real Estate Regulatory Authority” went through public hearing on Thursday 17th December, 2020 at the Assembly pavilion.
The Speaker of the House, Rt. Hon. Mudashiru Obasa, represented by the Deputy Speaker, Hon. Wasiu Eshinlokun-Sanni said that the practice of seeking and obtaining public opinions remain sine qua non in all legislative processes.
Obasa added that real estate is a critical sector of our socioeconomic life that has not been adequately regulated and superintendent in Nigeria and in Lagos State in particular.
“Thus, this bill is a laudable attempt to cover a rather policy evasive but socio-economically salient sector of our socio-economic life.”
“This bill commendably seeks to create a regulatory authority to oversee, monitor, regulate and manage the property transactions in Lagos State.
Reviewing the bill, the Majority Leader of the House, Hon. Sanai Agunbiade said that it was divided into 37 sections and that the regulatory authority would be headed by a chairman, who shall be a person of repute and a professional in his area of practice with not less than 15 years of cognate experience.
Earlier, Chairman of the House Committee on Housing, Hon Bisi Yusuff, Alimosho 1, said that the bill is meant to check the excesses of operators in the real estate and reduce quackery in the sector.