The Real Estate Association of Nigeria (REDAN) has disclosed that the Real Estate Bill when passed into law would address the numerous challenges developers face in delivering quality and affordable housing in the country.
President of the Real Estate Developers Association (REDAN), Alhaji Aliyu Wammako, who disclosed this in an interview in Abuja, said the lack of real growth of the sector is due lack of legislation that would provide the direction.
He said signing the bill into law would curb fraudulent practices in the business of real estate development and ensure real estate businesses conform to the National Building Code.
“To tackle all the numerous challenges facing the sector, the Real Estate Bill has to be passed into law. This will help to effectively regulate the real estate sector, giving the body the power to regulate the sector and take better charge of the activities of our members,” he said.
He also called for the recapitalisation of the Federal Mortgage Bank of Nigeria (FMBN) to strengthen it further to deliver on its mandate of providing mortgages for citizens.
