The Real Estate Development Association of Nigeria (REDAN) says it is set to inaugurate and hoist its National Real Estate Data Collation and Management Programme (NRE-DCMP) aimed at mitigating housing deficit nationwide.
Rev. Ugochukwu Chime, President of REDAN, told newsmen on Thursday in Abuja that the collated housing data would be inaugurated and hoisted during its forthcoming expo scheduled to hold in Abuja from May 7 to 8.
HousingNews reports that 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.
The surveyor said that the data, collated from national land administrators on pre-construction, construction and post construction activities nationwide would be hoisted 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 regretted that 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.
“We went a step further to ensure that all the parties who are involved in the planning of various aspects have data for it.
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 and other organisations.
“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 a standardise 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.