Developers seek presidential assent to real estate regulatory bill
The Real Estate Developers Association of Nigeria (REDAN) has urged President Bola Tinubu to assent to the Real Estate (Regulation and Development) bill recently passed by the ninth national assembly.
The association maintained that signing the bill into law would curb fraudulent practices in the business of real estate development and ensure real estate businesses conform to the National Building Code.
REDAN President, Aliyu Wammako, told newsmen in Abuja, that the bill would serve as an engine for job creation with resultant benefits of national economic development.
The REDAN president, who expressed gratitude to the National Assembly for the passage of the bill, said REDAN is complementing the Federal Government’s effort in providing affordable housing to Nigerians.
He said:” REDAN is committed to executing the National Housing Development flagship project and Rural-Urban Housing Initiative (RUHI-774), which is aimed at developing about 100 housing units in each of the 774 local government councils, including the FCT, where feasible and viable. We have secured construction finance in the sum of N26 billion from Shelter Afrique to finance the RUHI-774 projects across the country.
“REDAN spearheaded the intent of the bill, but we received inputs from institutions such as Nigeria Financial Intelligence Unit (NFIU), Economic and Financial Crime Commission (EFCC), Special Control Unit Against Money Laundering (SCUML), Independent Corrupt Practices and Other Related Offenses Commission (ICPC), professional bodies in the built industry, academics, international bodies in drafting the bill that was presented to the ninth National Assembly – Senate and the House of Representative in July 2020.
Wamakko said the regulatory body would have representation from professional bodies in the built industry and representatives from 36 states of the federation and FCT.
He said the bill would standardise the business of real estate development by regulating the conduct of transactions in the real estate sector. “We are confident that the president who has Nigerians at heart will sign the bill into law, considering the essence to the real estate sector, as it will serve as an engine for job creation; with resultant benefits of national economic development,” he added.
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