How Gov Sanwo – Olu Can Deploy RERA To Prevent Building Collapse – Real Estate Broker, Ìlòrí-Diamond
A real estate broker, Kúnlé Ìlòrí-Diamond, has given insight into how the Lagos Government can effectively deploy its State Real Estate Regulatory Agency(RERA) to help ensure standards in real estate sector and prevent occurrences of structural defects, building collapse and save Lagosians from avoidable loss of lives.
Mr. Kúnlé Ìlòrí-Diamond said RERA should formulate laws and regulations to govern the operation of real estate business in the state and use appropriate legitimate means and monitoring to ensure compliance by developers and real estate practitioners, stressing that the body should also have authority to take disciplinary actions, impose fines, or revoke licenses of entities found to be in
violation of its regulations.
The Broker who made this known in an interview with property reporters, equally seeks the registration of real estate practitioners, including brokers, developers and property management companies to ensure that only qualified and competent individuals and entities operate in the market.
According to him, this will ensure transparency, fairness, and accountability within the real estate market.
Aside ensuring standards and preventing building collapse that seemed synonymous with some construction works in Lagos, he also charged the agency to play a crucial role in safeguarding the rights and interests of the real estate investors as well as establish mechanisms to protect buyers and investors by demanding that developers obtained necessary permits and approvals before launching building projects.
He also advised that off-plan sales should be properly regulated with escrow accounts created where buyers’ funds are held during the construction phase so that investors – buyers, could retrieve their funds with ease in case of default by any developer or real estate practitioner.
