The Chief Executive Officer of Nasarawa Investment and Development Agency (NASIDA), Mr lbrahim Abdullahi, yesterday, disclosed that the state has passed the mortgage foreclosure law to make real estate investment more secure and bankable.
Abdullahi made this known during a presentation on the sidelines of the real estate discussion and awards forum organised by Thinkmint Nigeria in Lagos. He explained that the government passed the foreclosure law to assist investors and off-takers in the state to be able to get a mortgage facility and enhance home ownership.
He stressed that from the supply and demand side, the government has tried to make sure that the business environment becomes more conducive.
Foreclosure occurs when a lender takes control over a property from a borrower for failing to make timely payments.
Abdullahi noted that in the past years, the government has focused on the most ambitious and robust reforms of the business environment in the state, to make it much more attractive for business.
According to him, most of the reforms were put into place in the housing and construction sector, adding the state now has one of the most effective GIS systems spearheaded by the State Geographic Information Service (GIS).
Abdullahi argued that this has enabled the state to speedily process land titles especially Certificate-Of-Occupancy (C-of-O) in a matter of days when those who need it have all the paperwork ready, adding that the application can start online.
The NASlDA CEO said the government has also digitised access to construction and necessary building approvals that is being done by the state urban development board.