Kingsley U.N Chikwendu —
Nigeria’s House of Representatives, yesterday concurred with the Senate to establish the Real Estate Regulatory Council of Nigeria aimed at regulating the sector and ensure transparency.
The bill for an Act to Establish Real Estate Regulatory Council of Nigeria which emanated from the Senate was presented by Deputy Majority Leader of the House, Peter Akpatason (APC-Edo) who said the council, when established, would provide efficient, effective and transparent administration of the business of real estate development and that the council was also expected to prescribe minimum standards for the conduct of the business of real estate development in Nigeria.
“The council, when established is expected to ensure development, sales and lease of plots, apartments, building or any landed property in a transparent manner in the real estate sector, provide globally acceptable standards of service and transparent administration of the business of real estate development and prescribe minimum standards for real estate sector, conduct of the business of real estate development in the Federal Capital Territory and for related matter,” the lawmaker added.
The bill which has 34 clauses was unanimously adopted by the House. It would now be listed for third reading after which it would be transmitted for presidential assent.