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.

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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

Tagged: Real Estate in Nigeria | Naijahouses

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