The Chairman, Lagos Assembly Committee on Housing, Hon. Rasheed Makinde, has said the House will ensure the State’s real estate sector matches favourably with those in other nations.
Makinde made the promise when he led the committee to a round-table discussion on the need to incorporate the ‘Foreclosure Clause’ in the Lagos State Mortgage and Property Law.
The discussion is aimed at further strengthening and safeguarding developments in the real estate sector of the state.
The round table discussion which took place in Ikoyi, Lagos on Wednesday, was organised by Lagos State Real Estate Regulatory Authority, LASRERA, to bring together all stakeholders in the real estate ecosystem.
In his address, Hon. Makinde said the House will accommodate innovations that would make the State match up with other growing cities across the globe.
Noting that a related bill being studied by the House has gone through a public hearing, Makinde said the opinion that an expanded stakeholders’ forum be held again in order to figure out and provide lasting solutions to issues discussed at the hearing is necessary.
“The essence of the forum is to make the transaction between the mortgagee, mortgagor and the financial institution seamless and more importantly to unravel some of the opportunity they can benefit from it,” Makinde said.
In his contribution, the Attorney-General of the State and Commissioner for Justice, Mr. Moyosore Onigbanjo, SAN, stated that the bill before the House is aimed to change the old order of the Mortgage and Property Law.
He noted that the basic steps taken by the State Government in proposing the amendment could ultimately lead to a revolution in the real estate industry.
Special Adviser to Governor Babajide Sanwo-Olu on Housing, Mrs. Toke Benson-Awoyinka, in her speech, defined the Foreclosure Clause as the action of taking possession of a mortgaged property when the mortgagor fails to keep up his mortgage payments.
She explained that the State Mortgage and Property Law aims to encourage growth in the real estate sector as well as regulate consumer loan for property realisation in the State.
Members of the House committee present included Hon. Gbolahan Yishawu and Hon. Olusola Elliot.