The Lagos State Governor, Babajide Sanwo-Olu, stated that the government was reviewing the Lagos State Property Law of 2010 and the Lagos State Rental Law of 2011.
The Punch reported that he said this at the recently finished Real Estate Developers Association’s 5th Lateef Jakande Housing Lecture Series.
Sanwo-Olu claimed that the government intends to use the review to safeguard the interests of end users and investors in the state.
“Looking ahead, we have also digitized our departments’ processes for greater efficiency and customer satisfaction,” he stated. While appreciating our progress in providing housing for everyone, I want to push all parties involved in the construction industry to go further by supporting cutting-edge research into innovative building technology that could help reduce the cost of building.
“The scenario I had created demonstrated the abundance of opportunities throughout the entire housing value chain. With our bold target of constructing 10,000 new homes by 2027, we welcome cooperation and partnerships for the present and the future.
“Naturally, we’ll work vertically to give our citizens safer housing. We also expect that as our population grows, there will be more people who are vulnerable, so social housing needs to be provided.”
The governor stated that the future has already arrived and that it is likely that future generations will need smaller smart homes.
“We anticipate a rethinking of what future city dwellers should expect, which naturally might not include owning a home. More efforts in the areas of co-housing and house rentals are anticipated. In order to protect the interests of both investors and end users, we are currently reviewing a few of our laws, most notably the Property Law of Lagos State 2010 and the Rental Law of Lagos State 2011.
“The state was considering utilizing fintech to offer customized answers to our relevant issues in order to create accessible mortgage options for our citizens,” he clarified.
He continued by saying that the state intended to increase cooperation with its neighbours in order to take advantage of their abundant land resources and address its housing shortage.
“We’ve also opened up to partnerships with investors who have creative ideas that could lead to quicker completion times, less expensive homes, and more convenient mortgage packages. Through our collaboration, which made use of building technology, two-bedroom apartments were finished in just fourteen days,” he said.
Sanwo-Olu claimed that it included energy-efficient designs that decreased water and power usage, adjusting costs for homeowners. The partnership also provided the state government with 252 bungalows in a Green Estate located in Idale, Badagry.
