Lagos Reviewing Property Law – Sanwo-Olu
Governor Babajide Sanwo-Olu of Lagos State has revealed the initiation of a comprehensive review of the Property Law of Lagos State 2010 and the Rental Law of Lagos State 2011.
This was as he emphasized the government’s commitment to ensuring a fair and protective legal framework for stakeholders in the real estate sector.
The Governor made the announcement during the recently concluded 5th Lateef Jakande Housing Lecture Series, organized by the Real Estate Developers Association.
He said, “In looking ahead, we have also digitised the processes of our departments for increased efficiency and greater customer satisfaction. While acknowledging our strides in the provision of homes for all, I want to charge all stakeholders in the built sector to do more by sponsoring leading-edge research into innovative building technology that could help reduce the cost of building.
“The scenario that I had painted showed the abundance of opportunities in the entire housing value chain. Given our audacious goal of providing 10,000 new homes by 2027, our doors are open to partnership and collaboration both in the present and in the future.
“Of course, we will go vertical in providing safer homes for our people. We also anticipate that as our population increases, the number of vulnerable would also increase, so we must make provisions for social housing.”
Speaking about the future, the Governor stated that the state is looking forward to partnering fintech for convenient mortgage.
“We will expect a re-imagining of the expectations of future urban dwellers, which, of course, may exclude home ownership. We expect to see more efforts in terms of house rentals and co-housing. For this purpose, we are already reviewing some of our laws, mainly the Property Law of Lagos State 2010 and Rental Law of Lagos State 2011, to take care of the interests of both investors and end-users.”
‘’The state was looking at leveraging fintech to provide tailor-made solutions to our pertinent problems in creating convenient mortgage options for our people,” he explained.
