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Redan to Unlock Huge Potentials in the Real Estate Industry • Set to Unveil New Office Building.

The creation of the The Real Estate Developers Association of Nigeria (REDAN) was driven by the need for a body to represent the interests of developers involved in the Housing development sector within the national policy and implementation discourse. REDAN’s role is unique as its members face very specific issues. The Housing sector has particular characteristics, requires specialized knowledge, and imposes certain practical parameters on the players involved in the delivery of Housing.

The purpose of REDAN is to act as an umbrella body of the organized private sector (public and private) responsible for housing development in Nigeria, REDAN was conferred with official recognition by the Federal Government of Nigeria in November 2002.

REDAN has the mandate to effectively represent its members to achieve their corporate objectives and to effectively carry on their business as agents of housing development, REDAN also supports the Government and organized private sector to ensure that they meet the housing needs of Nigerians. REDAN also ensures balanced national legislative, regulatory and fiscal policy to provide the enabling framework and environment for effective housing delivery.

With the membership strength of over 2,000 members, the association is capable of meeting the expectations of all its stakeholders, and serving as an effective pressure group that will drive through legislation aimed at enhancing the enabling environment for mass housing provision at the National Assembly; contribute to and reshape the housing finance policies of the: Central Bank of Nigeria, Federal Mortgage Bank of Nigeria, Primary Mortgage Banks and Commercial banks, the Nigeria Mortgage Refinance Company; expedite the much needed reform in the mortgage finance sector, and thus promote the business interests of its members.

As Nigeria’s most influential and credible voice in the real estate development and investment industry and a  notable force in influencing industry policies and practices; with strong local and international recognition in all issues affecting the Nigeria real estate sector, members of REDAN, enjoy some privileges, rights and responsibilities, these rights  include but not limited to the following:

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The privileges, rights and responsibilities accruing to members of the Association shall include but not limited to the following:

  • Credibility and recognition as Developer.
  • Opportunity to access Estate Development financing from the Federal Mortgage Bank of Nigeria (FMBN) and sell housing units to National Housing Fund (NHF) Contributors under the NHF Mortgage Loan Scheme.
  • Support for land Acquisition, participation in the Public –Private Partnership (PPP) scheme for Infrastructure and Estate Development.
  • Access to finance under the REDAN Real Estate Investment Trust (REIT) scheme, or other local and          offshore development loan syndication schemes under the auspices of the Association.
  • Opportunity to access credit finance / materials and equipment at specially discounted rates for members.
  • Access to information on development affecting real estate business.
  • Business linkage and marketing assistance.
  • Access to project preparation consultancy, advisory and support services
  • Intervention in member’s real estate development problems
  • Participation in capacity building programs local, regional and international trade events, seminars, workshops and exhibitions
  • Access to University of Lagos Centre for Housing Studies & other Local training opportunities for capacity development
  • Access to NAHB resources through REDAN’s affiliation with IHA
  • Access to foreign training programs and other International training facilities
  • Complimentary delivery of Newsletters, e-newsletter and relevant industry documents and information to members
  • Easy access to industry news, information and networking through REDAN Facebook and twitter accounts.

In pursuing the interest of its members, REDAN under the new leadership, led by Rev Ugochukwu Chime, has commenced the construction of The REDAN House, Abuja, which undoubtedly has projected the present leadership as visionary and focused.

There is no better time for real Estate Developers to identify with the activities of the organization to promote the housing sector in Nigeria than now.

The new leadership is also striving to reposition the body to ensure formidable discharge of its mundane responsibilities in areas of housing advocacy and standardisation of products and services.

The President, Rev. Ugochukwu Chime stated this in his acceptance speech and investiture as the president of the 5th REDAN National Executive Council 2018-2020 in Abuja.

He said “In REDAN, we provide houses; we also regulate to avoid cheats within the system. Take for instance, the NLC (Nigeria Labour Congress) engaged a developer who was not known to us; he has never consulted us and eventually, they were defrauded. If they had come to our association, we would have been able to give them a genuine developer whom we can stand by. So, we play a very important role in regulating those who are in the building industry and belong to our association. We make sure that people deal with trusted developers. We have relationship with all stakeholders in the building industry.”

Chime also noted that under his leadership, the association will seek greater cooperation with relevant government agencies to deliver affordable houses to Nigerians.

He said “We shall further the work we initiated with Federal Mortgage Bank of Nigeria (FMBN), Nigerian Mortgage Refinance Corporation (NMRC) and other stakeholders to ensure ease of doing real estate business and make home ownership accessible and affordable, while expecting cooperation from policy makers and other agencies,”.

The Real Estate Developers Association of Nigeria, is totally committed to the future of socio-economic development of the country and articulating, profound and propel strategies that would unlock the huge potentials in the real estate industry.

SOURCE: Affa Dickson Acho

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