Login Register
feel free to call 09056000005

Lagos State Initiates Review of Property and Rental Laws for Enhanced Real Estate Regulation, says Governor Sanwo-Olu

 
In a recent announcement, Governor Babajide Sanwo-Olu of Lagos State disclosed that the government is currently reviewing the Property Law of Lagos State 2010 and the Rental Law of Lagos State 2011. This revelation was made during the 5th Lateef Jakande Housing Lecture Series organized by the Real Estate Developers Association.
 
Governor Sanwo-Olu emphasized that the objective of the review is to safeguard the interests of both investors and end-users in the state. He highlighted the government's commitment to increased efficiency and greater customer satisfaction through the digitization of departmental processes.
Addressing stakeholders in the built sector, the governor urged them to contribute to leading-edge research into innovative building technology aimed at reducing construction costs. He emphasized the abundance of opportunities in the entire housing value chain and invited partnerships and collaborations to achieve the ambitious goal of providing 10,000 new homes by 2027.
 
Anticipating the future needs of urban dwellers, Governor Sanwo-Olu projected a shift towards smaller smart homes. He expects a re-imagining of the expectations of future urban dwellers, with a focus on house rentals and co-housing, possibly excluding traditional home ownership. In response to these evolving trends, the governor disclosed ongoing reviews of key laws, specifically the Property Law of Lagos State 2010 and Rental Law of Lagos State 2011, to address the interests of both investors and end-users.
 
Governor Sanwo-Olu highlighted the state's consideration of leveraging fintech to provide tailor-made solutions for convenient mortgage options. Additionally, plans are underway to strengthen collaboration with neighboring states to harness their vast land resources to address housing challenges.
 
Acknowledging the success of a previous partnership leveraging building technology, Governor Sanwo-Olu cited an example where 2-bedroom flats were completed within 14 days, incorporating energy-saving designs that reduced water and power usage, ultimately lowering costs for homeowners. The partnership resulted in the construction of 252 bungalows in a Green Estate at Idale, Badagry.
 
Source: PunchNG
 

Similar Topics

Member States of the United Nations Human Settlements Programme (UN-Habitat) have endorsed a new...

3 days ago Read More

Nigeria Enters a New Tax Era Come January 2026, Nigeria’s property market will experience a...

9 days ago Read More

Improved Security and Diaspora Capital Drive Rebound The housing sector in Nigeria’s...

9 days ago Read More

The Lagos State Government has announced that night-time repair works will take place on Ozumba...

a month ago Read More

The Federal Government has suspended all previously approved, pending, and prospective applications...

2 months ago Read More

The Federal Government has successfully mobilised more than N70 billion in private capital...

3 months ago Read More

The Lagos State Government, through the Lagos State Physical Planning Permit Authority (LASPPPA),...

4 months ago Read More

The Federal Government has expanded the Abuja-Kaduna-Kano Road project to incorporate a direct...

5 months ago Read More

The Federal Capital Territory Administration (FCTA) has taken possession of Wadata Plaza, the...

5 months ago Read More

Defaulters on FCT ground rent now have 14 days grace to pay up what they owe the FCT Administration...

5 months ago Read More

Unprofessional practices by estate agents in major cities are significantly influencing the spike...

5 months ago Read More

A Real estate development firm, Lifecard International Investment Company, has revealed that many...

6 months ago Read More

Despite a fall in investment volumes from the 2021 peak, there is an ongoing desire for property...

6 months ago Read More

The Lagos State government has advised the leadership of the Nigerian Institution of Estate...

6 months ago Read More

Real estate market dynamics such as construction cost, land, finance, government policies and taxes...

6 months ago Read More

Event Set to Celebrate Managers Who Shape Careers and Drive Organizational Growth   Business...

7 months ago Read More

Global Leaders to Converge in Lagos for Landmark Event Driving Urban Innovation and...

7 months ago Read More

In a bold move to redefine affordable luxury housing, Nigerian real estate giant Gtext Holdings has...

7 months ago Read More

Industry Experts Urge Anti-Corruption Measures, Innovative Financing to Address Crisis By: Oche...

8 months ago Read More

LAGOS, NIGERIA – Global real estate consultancy Knight Frank and UK developer Mount Anvil...

8 months ago Read More