Developers showcase materials for housing sector
The umbrella body for property developers – Real Estate Developers Association of Nigeria (REDAN) has approved some building materials for the construction of houses in the country.The materials were showcased at the launch of the National Real Estate Data as part of the association’s commitment to grow the industry.
Unveiling the products at its Third Building Expo 2019 in Abuja, the President, Rev. Ugochukwu Chime said that they would help to eliminate grey areas in the industry and reduce the incidences of quackery and building collapse in general.He also added that they want to ensure balanced national legislative, regulatory and fiscal policy to provide the enabling framework and environment for effective housing delivery to Nigerians.
According to him, “we cooperate with all complementary institutions and organisations in the housing and real estate development industry, and work with Power, Works and Housing ministry to achieve our goal.”He further explained that they are the first port of call for governments, NGOs and private establishment, as well as international partners and investors who wish to draw up a housing development.
“The current huge transaction time/cost being encountered with 37 land administrators is a great barrier to investment flow into real estate sector in Nigeria.”Chime, equally, stated that, “ Building material products are expected to all the ingredients based on international best practices and certified by Standards Organisation of Nigeria (SON).
Contributing, Toma Mohammed of Central Bank of Nigeria said that there was rapid development in the sector, and this calls for concerns, regretting that data are not available in the country.He said they approached REDAN in 2017 for collaboration, which has brought on board all stakeholders, hoping that the efforts would be sustained, not only to data formulation.
Another speaker, Hakeem Oguniran of Eximia Realty Company limited, argued that funding was the major challenge facing the industry. Oguniran who spoke on “Harnessing Real Estate for Economic development: Issues and challenges, and Solutions” said that housing was critical index in human development because it creates job in estate industry.
He therefore, used the event to debunk insinuation that Nigeria has 17 million housing deficit, and asked: how many houses developers have delivered per yearly to citizens?
According to him, all the housing units put together was not up to 50 per cent due to availability of good title land, and there were no rules, while multiple regulatory agencies in the states are worsening the housing problem.On her part, Director, Public-Private Partnership in Federal Ministry of Power, Works and Housing, Eucharia Alozie, said lack of timely and credible data could expose both local and foreign investors to higher risks.
She added, data collation exercise covered four critical areas, off takers, business (developers), land administration, and housing conditions, stressing that National Real Estate Data would bridge the gap existing in the sector.