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The Recent Riot Act and the Lagos Real Estate Market

The Lagos state governor, represented by his deputy, Dr. Oluranti Adebule, pledged to check the excesses of developers who flout building regulations in the state. And in fact, read out a riot act to property developers and contractors. He gave the warning at the commemoration of the 2016 World Habitat Day, organised by the Ministry of Physical Planning and Urban Development, themed, ‘Housing at the Centre’, at the Adeyemi Bero Auditorium, Alausa, Ikeja, Stating that government would no longer tolerate flagrant disregard of the law as part of measures to eliminate the incidences of building collapse in the state.

He, however, noted that 187, 500 new houses in the next five years would go a long way in reducing the housing deficit estimated at 2.5 million in the state.

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This may be a new stage of reforms in the Nigerian Real Estate industry. The Lagos state real Estate industry has gone through exceptional phrases. The Lagos state governor, Akinwunmi Ambode is really interested in the Real Estate industry and there have been a lot of reforms. One of which is the new land-grabbing law in Lagos. This is indeed good news to many average working class Nigerians and bad business for omo oniles in Lagos.

ALSO READ: Q & A about Land Grabbing Law in Lagos

Provisions have also been made to make the collection of the Certificate of Occupancy on properties in Lagos easier. This indeed is an eye opener or a medium to help investors, invest into the state. And to make the dream of the mega city real indeed.

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Interestingly, everyone can be partakers of this amazing benefit. While this may be bad business for oppressors who patronize themselves as developers and contractors. Whose love for so much gain has caused havoc in the lives of many Nigerians and so many collapsed buildings in the state. For me, this is a bold step taken by the Lagos state government in securing the life and properties of innocent Lagos tenants and property owners.

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Lagosians look forward to the implementation of these laws. If well implemented, our dream of a mega city may not be far from being achieved.

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