Developers call for regulation of industry

Real Estate Developers Association of Nigeria (REDAN) in South West Region has called on the federal government to enact laws that regulate the activities of developers in the industry. They said that the industry needs financing from the government just as every other sector to boost the economy.

Executive members of REDAN made this call during a courtesy visit, to the managing Director of Nedcomaks properties Dr. Kennedy Okonkwo recently. Acknowledging their presence, Dr. Okonkwo said that it is quite saddening that the government sees developers as wealthy people, hence little attention is paid to the sector.

“Real estate needs to start getting financing from the government like some other industries too. This collaborative effort will go a long way to ease the burden of sole developing. We should also engage more stakeholders and get them involved in policy making.

“REDAN is managed by qualified and capable people, yet we need to bring more people on board as big things can be achieved with big numbers. Issues are the same everywhere and a well-structured association can thrash the issues and make headways,” he said.

While lamenting on the bureaucracies involved in getting the necessary approval for construction, the association said that the government also comes up with different policies without due consultation. With some of the policies making it difficult for their association and its members, they request that the government be more attentive and ensure due consultation before developing a policy on real estate.

According to barrister Taiwo Ogunbodede of Cross and Churchill Limited who led the delegation he said that unregistered members should not be allowed to practice as developers in the country to improve professionalism. “The major causes of collapsed buildings in the country is as a result of unqualified personnel, currently about six buildings have reportedly collapsed in Lagos.”

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