REDAN to launch real estate data
The Real Estate Developers Association of Nigeria (REDAN) will launch its National Real Estate Data Collation and Management Programme (NRE-DCMP), which is designed to help tackle housing problems in Nigeria, including housing deficit this week.
The event is part of the two-day Expo starting tomorrow from at Shehu Musa Yaradua Centre, Abuja. NRE-DCMP was initiated by REDAN and Central Bank of Nigeria (CBN) to collate property price index nationwide to solve housing problems in the country.
According to the body’s President, Rev. Ugochukwu Chime, the data, collated from national land administrators on pre-construction, construction and post construction activities nationwide would be hosted on the Nigeria Mortgage Refinance Company (NMRC)’s website for public usage.
“We are going to hoist the data on the website of the NMRC who actually is the key party and has done so much in the area of structural improvement to the mortgage process in Nigeria by keying into mortgage laws which they brought about.”
Chime bemoaned how before now there was a big misrepresentation of housing data in the country which has not really helped the sector.
“I have been in different fora where ministers representing different various ministries in Nigeria outside this country were giving different data about the same issue, which is embarrassing.
“We need data for planning; we need to know where we need those houses, so we organised it in such a way that the CBN agreed to work with us to tackle housing sector crisis.
“The data emerged from developers profile and capacity, demand and affordability profile of the market within a given locality and household condition survey.
He said that the association collaborated with CBN, World Bank, Ministry of Power, Works and Housing, Federal Mortgage Bank of Nigeria (FMBN) , NMRC , Value Chain, NpopC, and other stakeholders.
“We also collaborated with the National Bureau of Statistic (NBS), National Population Commission (NPC) to be able to have the NRE-DCMP which is a novel thing that has never happened before,” he added.
He further noted that the data had input on land administration and the 37 land administration entities in Nigeria including the improvement that could be brought to bear on them.
He added that the collated data included issues of mortgage law and foreclosure law as well as how to standardise operations of various institutions to ensure a developer received an allocation letter.
Chime explained that the collated data would also dwell on how to standardise the deed of legal mortgage and deed of assignments in various registries to ensure it’s financial acceptance.
“On affordability we want to know the numbers and the people in the 774 LGAs who need the houses and their affordability reach so that we will stop the issues of having duplexes everywhere or building houses people cannot buy.
“So we can now do targeted construction that can only happen when we have the data on affordability and business data to know the people who are developing the houses.
“We also have housing condition which is the baseline to ascertain the condition of existing houses in the 774 local government or the 37 entities we have in 36 states and FCT.
“These components are what we have gone on to do by organising the NREDCMP,” he said.
According to him, the association has been able to ensure the various stakeholders have understanding of how all the data they want to work upon were collated, gathered and analyse.
In an interview granted Housing News, the President of Real Estate Developers Association of Nigeria (REDAN), Rev Ugo Chime (UC), reveals why this year’s Expo will be the most improved and anticipated.
This year’s theme is, ‘’REAL ESTATE DEVELOPERS: THE BEDROCK FOR NATIONAL ECONOMIC STABILITY.”
According to him, the REDAN 2019 Expo is the third edition and it is aimed among other things to bring to floor the professional developers in the real estate and housing industry, and discuss how best they can serve as a catalyst in the development of the Nigeria economy.
Activities lined up includes mandatory continued professional development for participants; opportunities for the players in the industry to showcase their products; and the programme will also feature exhibition of building materials and corporate presentation of new products.
This year’s expo will feature many exhibitions of real estate projects across the country, it will also feature display of new building technologies, innovations in home interiors and design.
The guest of honor for this year’s REDAN EXPO is no other person than the Minister of Power works and housing, Mr Babatunde Raji Fashola. He will be the one to officially declare open the EXPO on the 7th of May.
This year’s lead guest speaker is no other person than Mr. Hakeen Ogunniran, who is the present Managing Director of Exima Realities. He was the former Managing Director of UBDC. He will be speaking on “Harnessing Real Estate For Economic Development in Nigeria: Issues, Challenges and Solutions” and proposing a reform agenda.
Other guest speakers include Mr. Femi Adewole, the chief Executive managing director of family home funds.
Mr Akinwumi of ADB Abuja will also be delving into and speaking to us on a number of issues that will help unlock the potentials in our sector.
Standard Organisation of Nigeria(SON) will also be there to educate and inform
Expected benefits of attending this Expo
The 2019 REDAN Expo will create an unparalleled network opportunity for stakeholders who will be participating; it will be an avenue for stakeholders and other members who are looking for opportunities to relate with Family Homes Fund — a new establishment of federal government, to meet with the MD and get to know how they can benefit from Family Homes fund.
For the first time, REDAN is collaborating with CBN and six other agencies which will be launching Real Estate Data at the opening ceremony.
This year’s Expo will also be attended by all the Chief Executives from Federal Mortgage Banks in Nigeria, Mortgage Finance, Family Homes Funds and others including the Federal Ministry of power works and housing.
Also there will be the commencement of REDAN Initiative on Estate Endorsement, and Building Materials Endorsement, aimed at stemming quality challenges in the process and products on offer.
Family Homes Funds will also be there to unveil the array of novel and innovative real estate financing products they have.
Many Firms will also have their products and services on display.
With the responses from people, stakeholders and partners, REDAN has assured that they are ready and good to go. The necessary logistics have been put in place and all expected participants have registered.
“This year’s REDAN EXPO is going to be greater and better than the previous ones. In that line, we are calling all stakeholders to give us their full support as always,” Chime said.
REDAN is an umbrella body of all real estate developers in the country. They’re the ones handling the supply side of the housing and construction industry. While people make demands, REDAN supplies.