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Real Estate

FG unveils real estate data collation, management programme

In the bid to facilitate robust housing delivery and investment, the Real Estate Development Association of Nigeria (REDAN), has inaugurated a National Real Estate Data Collation and Management Programme (NRE-DCMP).

Mr Ugochukwu Chime, REDAN President, at its 2019 Building Expo in Abuja on Monday, called on state governments to respond to request for land administration information, to enable state’s real estate data to be reported upon.

“We propose that any state government that is unwilling to embark on the needed structural improvement should be blacklisted from receiving investment.

“Creating mortgages on equitable interest is a ticketing time-bomb and is therefore unacceptable,” he warned.

The News Agency of Nigeria (NAN) reports that the NRE-DCMP, was initiated by REDAN and Central Bank of Nigeria (CBN), to collate property price index nationwide in order to solve housing problems in the country.

The estate data which was aimed at getting a confirmed housing deficit figure towards mitigating the challenge, was hoisted on Nigeria Mortgage Refinance Company (NMRC) website, “hmip.nmrc.com.ng”, for public usage,

Chime described the real estate data which provided information for planning, investment analysis and direct energy towards policy decision, as a novelty activity of stakeholders, piloted in 36 states and FCT.

“As for the Federal Government, the Ministry of Power, Works and Housing, CBN and the Planning Ministry, this effort of the NRE-DCMP, calls for your support to make real estate development a catalyst in the development of Nigeria’s economy.

“The current huge transaction time and cost being encountered with the 37 land administrators, 36 states and FCT in Nigeria is a great barrier to investment flow into the real estate sector.

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“Shelter Afrique has refused to invest in many parts of Nigeria, especially Abuja, because of this challenge”.

The surveyor said that the model mortgage law, foreclosure law and multi-door court process, must be adopted expeditiously by all the 37 land administrators.

He said that the theme of the expo, tagged “Real Estate Development, the Bedrock for National Economic Stability’’ was aimed at showcasing housing as a tool for employment generation and inclusive economic growth.

Mr Hakeem Ogunniran, Chief Executive Officer of Eximia Reality Co. Ltd., described real estate as the potent lever for socio-economic transformation, shelter, jobs and infrastructure development.

In his key note address, Ogunniran stated that real estate was estimated to grow from 3.813 billion dollars in 2019 to 7.48 billion dollars in 2021.

He said that real estate could transform an entire community, create additional jobs, increase property value, residential development and revenue generation.

According to him, its significant growth and neighbourhood development could eliminate slums.

Ogunniran expressed hope that the estate would address growth inhibitors in the sector,  by encouraging availability of funds and good titled land, stem multiple regulatory agencies to guarantee real estate growth.

Source: By Emmanuella Anokam

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