The Special Adviser to Lagos State Governor on Housing, Barrister Barakat Odunuga-Bakare has stressed the need for professionals in the built sector to adhere to best practices in order to mitigate associated disasters in real estate investment.
The Special Adviser who stated this at the 4th Lagos Real Estate Market Place Conference and Exhibitions Organized by Lagos State Real Estate Regulatory Authority-LASRERA at Eko Hotel and Suites, Victoria Island added that following established guidelines and regulations is crucial to ensure the safety and resilience of buildings and infrastructure.
She added that by implementing best practices, such as proper construction techniques, regular maintenance, and adherence to safety standards, the risk of disasters can be significantly reduced among construction professionals, including measures to prevent structural failures, fire hazards, and other potential risks.
Odunuga-Bakare averred that the state government is committed to promoting and enforcing these best practices across the built sector by working closely with developers, contractors, and other stakeholders to ensure compliance and raise awareness about the importance of safety measures.
She stated that prioritizing adherence to best practices, Lagos State aims to create a safer and more resilient built environment for its residents, just as she urged all stakeholders to play their part in mitigating disasters and ensuring the long-term sustainability of the sector.
While saying that the theme of the Conference: “ Real Estate Regulation- A Panacea For Disaster Mitigation and Recovery in the Built Environment” is apt, Odunuga-Bakare emphasized that de-risking housing investment for private developers and investors is a key goal for the Lagos state government.
The Special Adviser said: “Considering the huge opportunities in real estate, the stakes are higher, as there are several risks and dangers that could make or mar us as players. However, embracing best practices is the sure way to mitigate disasters in the sector.
“Despite laid down rules and tenets, we cannot curb innate human tendencies of some who will always attempt to circumvent and sabotage extant rules. This is where regulation and compliance work for all.”
Speaking on the significant potential of the real estate sector in the growth of Lagos State’s Gross Domestic Product (GDP), Odunuga-Bakare, stated that real estate contributed 5.31 percent to the state’s GDP in the first quarter of this year.
“Real estate in Lagos has also displayed great potential to create jobs, bridge housing deficits as well as boost economic growth. This year alone the budget for affordable housing in Lagos was more than a billion,” she said.
She highlighted the importance of continued investment and development in the sector to unlock its full economic benefits from what the sector contributes to the GPD of the state presently to what the real estate sector can generate as income for Lagos State.
She commended Gov. Sanwo-Olu for strengthening the executive in the implementation of the Lagos State Real Estate Regulatory law as documented in a Lagos State of Nigeria Official Gazette of Feb. 11, 2022.
According to her, sections 6 and 7 of the law give LASRERA the power, among other functions, to formulate policies for proper dealings in real estate transactions in line with best global practices.
She said that providing a favorable environment for private investment in the built sector is a fundamental entry point for a partnership that works just as she expressed readiness for collaboration with stakeholders and the development of regulations that will boost their businesses and grow Lagos’ economy further.
Earlier, the Managing Director of Gracias Global, Dr Ololade Abuta, urged the Lagos state government to create a more convenient platform for realtors in the state and ensure that documentation processes for construction are seamless.
Abuta noted that enforcement of LASRERA’s regulations are germane to sanitizing the real estate sector, adding that realtors must ensure to do the needful at all times to promote the sector.
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