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Friday, October 22, 2021

Real Estate Regulation Bill passes second reading in Lagos Assembly

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A Bill to regulate Real Estate Activities in Lagos State and for other connected purposes has scaled second reading at the state House of Assembly.

The house passed the bill for second reading through voice votes conducted by the Speaker, Mudashiru Obasa, on Tuesday in Lagos.

The speaker subsequently committed it to the House Committee on Housing to report back in two weeks.

The lawmakers had earlier taken turns to contribute to the matter.

Blazing the trail, Adedamola Kasunmu (Ikeja II), noted that the bill would further redress the anomalies in the real estate business.

Contributing, Kehinde Joseph, Alimosho II, noted that the bill would help streamline the activities of real estate agents, citing the likely conflict that might arise with the job specification of the Special Adviser to the Governor on Housing.

Also, Ibraheem Layorde, Badagry I, hinted that most of the agencies collecting fees were not making returns to government coffers, adding that the bill, when passed and assented to, would aid speedy dispensation of justice on issues in the real estate business.

Commenting, Bisi Yusuff, Alimosho I, Chairman, House Committee on Housing, affirmed that the bill was long overdue owing to the prevalence of anomalies in real estate transactions in the state.

The Majority Leader of the House, Sanai Agunbiade, said owners of perceived abandoned buildings or uncompleted ones needed to be contacted before taking action against them.

Obasa, however, stated that he had no doubt that the bill was a very good one.

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