Lagos-based developer, Messrs Legrande Properties Development Company Limited, has urged governments at both federal and state levels to develop new housing policy that will eliminate substandard building materials and regulate the real estate sector.

The Chairman/Chief Executive Officer of the firm, Mr. Babajide Durojaiye, who spoke to Journalists on the sidelines of the presentation of an award to the firm in Lagos, noted that if the government regulates the sector, accessibility and affordability of homes would be easier.

Specifically, he lamented the existence of double taxation for developers, which increases the cost of housing for prospective homebuyers, as well as substandard materials in the market.

According to him, housing in Nigeria’s cities like Lagos, Rivers States and Abuja are overpriced, which discourages property investors in those locations. “We have a lot of substandard materials in the market and the only thing they carry is price.

“If government can give us quality materials at a better price, it will reduce all these effects. Everybody is seeing it, that the capacity to buy homes by individuals has reduced. All the developers have to readjust to ensure prices are moderate,” he said.

The chairman assured that the recognition will further spur the firm to focus on developing affordable housing with standard materials, smart solutions and state-of-art technology for its subscribers. He added that the recognition was a pointer to the fact that providing good homes touches human lives and creating jobs for Nigerians.

The Executive Director, EOM Business Network, Elkanah Mowarin, urged the developer not to relent in influencing the real estate sector positively, having impacted families by employing many young persons, contributing to Lagos development by paying taxes, performing corporate social responsibility and developing the environment.