Special Adviser to the Lagos State Governor on Housing, Barr. Barakat Odunuga-Bakare has emphasised that professionals in the built sector must adhere to best practices in order to mitigate associated disasters in real estate investment.
The Special Adviser stated this at the 4th Lagos Real Estate Market Place Conference and Exhibitions organized by Lagos State Real Estate Regulatory Authority, LASRERA.
Barr. Odunuga-Bakare said by implementing best practices, such as proper construction techniques, regular maintenance, and adherence to safety standards, the risk of disasters can be significantly reduced among built professionals, including measures to prevent structural failures, fire hazards, and other potential risks.
The Special Adviser averred that the State government is committed to promoting and enforcing these best practices across the built sector by working closely with developers, contractors, and other stakeholders to ensure compliance and raise awareness about the importance of safety measures.
She stated that prioritizing adherence to best practices, Lagos State aims to create a safer and more resilient built environment for its residents, just as she urged all stakeholders to play their part in mitigating disasters and ensuring the long-term sustainability of the sector.
While saying the theme of the Conference: “ Real Estate Regulation- A Panacea For Disaster Mitigation and Recovery in the Built Environment” is apt, Barr. Odunuga-Bakare emphasized that de-risking housing investment for private developers and investors is a key goal for the Lagos state government.
The Special Adviser said: “Considering the huge opportunities in real estate, the stakes are higher, as there are several risks and dangers that could make or mar us as players. However, embracing best practices is the sure way to mitigate disasters in the sector.
“Despite laid down rules and tenets, we cannot curb innate human tendencies of some who will always attempt to circumvent and sabotage extant rules. This is where regulation and compliance work for all.”
Speaking on the significant potential of the real estate sector in the growth of Lagos State’s Gross Domestic Product (GDP), Odunuga-Bakare, stated that real estate contributed 5.31 percent to the state’s GDP in the first quarter of this year.
“Real estate in Lagos has also displayed great potential to create jobs, bridge housing deficit as well as boost economic growth. This year alone the budget for affordable housing in Lagos was more than a billion,” she said.
“To fully harness the potential of the real estate sector, there is the need to support the various policies of government, streamlined regulations, and professionalism on the part of the practitioners. These measures would not only attract more investors but also ensure sustainable and inclusive development.”
The Special Adviser also stressed the importance of public-private partnerships in driving the growth of the real estate sector through collaborations between government agencies, private developers, and financial institutions.
Earlier, the Managing Director of Gracias Global, Dr Ololade Abuta, urged the Lagos state government to create a more convenient platform for realtors in the state and ensure that documentation processes for construction are seamless.
Abuta noted that enforcement of LASRERA’s regulations is key to sanitizing the real estate sector, adding that realtors must ensure to do the needful at all times to promote the sector.
Blacktalker reports that day two of the Real Estate Conference and Exhibitions held three panel discussions with focus on Adhering to Building Approvals, Permits and Land Use Planning, Protection of Consumers and Victims rights, and the Use Technology in Disaster and Recovery Management for the Real Estate Sector.