LCCI inaugurates new group, tasks stakeholders on standardisation
To further address concerns in the real estate sub-sector, the Lagos Chamber of Commerce and Industry (LCCI) has inaugurated a new group for the sector, even as it tasked the stakeholders on the need to embrace best global practices for sustainable growth.
According to the chamber, while there are prospects in the real estate sector, there are concerns about standardisation and sustainability in professional practice in the country that need to be addressed if the opportunities in the sector will be realised.
Operators and government representatives however acknowledged the need for standardisation considering the influx of several private entities and self-building projects in the industry with seemingly limited control and regulation.
Speaking at the inauguration and business clinic organised the LCCI for stakeholders in the sector, the chamber’s President, Dr. Nike Akande, described the nation’s large population and huge housing deficit as positive prospects for the real estate industry if standards and sustainability practice are upheld.
Akande also called on government to ensure the passage of pending real estate-related bills at the National assembly, while urging operators to embrace modern technology, regulatory compliance and standardisation in service delivery.
“Government can enhance the business environment in this sector by riding on technology to deploy a one-stop shop for land documentation perfection, property registration and creating a platform that hosts the identification of property, ownership and transactions made on them”, she added.
Chairman on the group, Olumide Osunsina urged government to make home ownership affordable for many if the housing deficit will be addressed, adding that the issue of standardisation cannot be ignored.
Group Head, Corporate Banking, Keystone Bank Limited, Mrs Nnenna Kayode-Lawal stated that the need to bridge financial returns and environmental performance is a going concern, adding that though investments in the real estate sector are capital intensive, inability of operators to adhere to standards makes it difficult for them to attract finance.
She however urged operators to embrace a change in attitude towards sustainable principles as well as seek collaborations in order to attract value.
Lagos State Commissioner Housing, Prince Gbolahan Lawal stated that the state was exploring opportunities in standardising title documents while deploying sustainable approaches to housing solutions in order to make regulation easier.
Former Managing Director of Imperial Homes Mortgage Bank Limited, Ben Akaneme adovated standards among financial institutions for the purpose of real estate financing, adding that a vibrant mortgage sector will further improve the growth of real estate.