Abuja – December 11, 2023 – Viewpoint Housing News.
The Lagos State Governor Babajide Sanwo-Olu has announced that, the Lagos State 2010 Property Law and Lagos State 2011 Rental Law are now being reviewed by the government.
He stated this at the just concluded 5th Lateef Jakande Housing Lecture Series Organised by the Real Estate Developers Association.
Sanwo-Olu believes that the administration intends to utilize the review to safeguard the interests of both the end users and investors in the state
“Looking ahead, we have also digitised our departments’ processes for greater efficiency and customer satisfaction,” he stated. I want to encourage all parties involved in housing sector to go above and beyond by funding cutting-edge research into cutting-edge building technologies that have the potential to lower building costs, even as I acknowledge the progress we have made in providing housing for all.
“The scenario that I had painted showed the abundance of opportunities in the entire housing value chain. Given our audacious goal of providing 10,000 new homes by 2027, our doors are open to partnership and collaboration both in the present and in the future.
“Of course, we will go vertical in providing safer homes for our people. We also anticipate that as our population increases, the number of vulnerable would also increase, so we must make provisions for social housing.”
We anticipate a rethinking of what future city inhabitants should expect, which naturally could not include owning a home. We anticipate greater initiatives in the areas of co-housing and house rentals. In order to protect the interests of end users and investors alike, we are now evaluating a few of our laws, most notably the Lagos State 2010 Property Law and the Lagos State 2011 Rental Law.
“To create convenient mortgage options for our people, the state was considering utilising fintech to offer customised solutions to our relevant problems,” he clarified.
He continued by saying that the state intended to increase cooperation with its neighbours in order to take use of their abundant land resources and address its housing need.
“We’ve also opened up to partnerships with investors who have creative ideas that could lead to quicker completion times, less expensive homes, and more convenient mortgage packages,” he said. Through our collaboration, which made use of building technologies, two-bedroom apartments were finished in just fourteen days.
Sanwo-Olu claims that it included energy-efficient designs that decreased water and power use, lowering expenses for residents. The collaboration also provided the state government with 252 bungalows in a Green Estate located in Idale, Badagry.
