In a move to register their displeasure, REDAN and the Housing Development Advocacy Network (HDAN), in  a swift, took  on the Ad-Hoc committees, describing its resolution  on the bill  “as a clear contradiction of its observations,” saying such would spell disaster for the real estate industry.

REDAN is the umbrella body of the organised real estate sector (private and public) duly recognised by the Federal government and saddled with the responsibility of providing affordable housing for Nigerians. The body was established in 2002. 

The President of REDAN, Aliyu Wammako and Executive Director of HDAN, Mr Festus Adebayo, disagreed with the resolution of the House of Representative Ad-hoc Committee. They maintained that the Real Estate (Regulation and Development) bill, if passed would curb various fraudulent activities and unprofessional  practices in the sector.

According to HDAN’s executive director, NASS must pass Real Estate Bill now, giving reasons why the law is so important. Adebayo maintained that such bill is very important to the sector if the country is desirous of curbing the humongous fraud in the sector. 

Rather than for the bill to destroy the sector as postulated by the House Committee in its resolution, Adebayo said it would act as a booster for investors and subscribers.

He therefore urged the lawmakers to have a rethink and push for the passage of the bill. “Following the resolution of the adhoc committee set by the House of Representatives to investigate the operations of the real estate developers in the FCT, the decision of the committee which was conveyed in  a communiqué signed by the Chairman of the Investigative Panel, Hon. Blessing Onuh, we in the Housing Development Advocacy Network strongly disagree with the resolution that says passing the housing bill will endanger the  sector.

“It would be recalled that the Senate in November 2021 passed a bill to help curb fraudulent practices, ensure that the real estate business conform with the national building code in Nigeria and as well as create an innovative and sustainable environment to promote Nigeria as a real estate investment destination in Africa and the world. The bill was sponsored by Senator Aliyu Wamako from Sokoto State,’ he said.

Source:Sunnewsonline