• Friday, March 01, 2024
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Property developer urges Lagos to sanitise real estate sector

Property developer urges Lagos to sanitise real estate sector

Muibi Kehinde Hammed, chief executive officer of MKH Properties Limited, has urged the Lagos State government to cleanse the real estate sector of fake and dubious elements by monitoring unlicensed emergency developers and others.

He emphasised the necessity of eliminating developers who sidestep the Lagos State Real Estate Regulatory Authority (LASRERA) to acquire operational licenses.

During a discussion on industry projections for the year in Lagos, Hammed advocated for a comprehensive approach, emphasising the need to strengthen advocacy, education, digitisation, and collective enforcement.

In addition, he mentioned the importance of fostering a positive industry tone, encouraging developers to uphold ethical practices, stay informed, and actively contribute to the positive evolution of the real estate sector.

Throughout 2023, Lagos experienced a series of building collapse. In April, an unapproved seven-storey building under construction collapsed in Banana Island, Ikoyi. Although the incident trapped workers under the rubble, there were no casualties.

In September, a three-storey building on Ikpoh Street, Surulere, collapsed, but no casualties were reported. Another building collapse occurred in November, involving a two-storey structure at Number 34 Oloto Street, Borno Way, off Freeman Street, Oyingbo. This incident resulted in the death of a woman in her 80s.

The CEO directed attention to the state government, highlighting the benefits of partnering with academic institutions to provide periodic training and workshops for the public. This, he believes, would contribute to the overall development and professionalism within the industry.

Hammed, having participated in a panel session at a two-day real estate marketplace and exhibition last month, emphasised the critical need for real estate industry restructuring.

The event brought together officials from various sectors, including housing, lands, real estate, approval, regularisation, customer protection agencies, mortgage, insurance, and technology in both the private and public sectors.

In recognition of the collaborative efforts, Hammed lauds individuals and organisations, including the Special Adviser to the Governor on Housing, Barakat Bakare, realtors, stakeholders, developers, and the media. He concludes by calling for more partnerships to further promote and advance the real estate industry.