By G9ija

The Lagos State Government has restated its commitment to strengthen the Lagos State Real Estate Regulatory Authority (LASRERA) with the required legislative backing  to end to the fraudulent and unscrupulous practices in the real estate sector of the state.

The Lagos State Governor, Governor Babajide Sanwo-Olu said this at The Real Estate Discussions& Awards – REDA 2020 organised by Thinkmint Nigeria, a member of the TM Group in partnership with BusinessDay.

The virtual conference was streamed LIVE across YouTube, LinkedIn and Twitter hosting 30 eminent local and international speakers from the private and public sector, and over 1,000 attendees globally.

It was also the first major real estate event held in Nigeria since the start of the COVID-19 pandemic.

Sanwo-Olu, was represented by the Special Adviser to the Lagos State Governor on Housing, Mrs. Toke Benson-Awoyinka, who received the Lifetime Achievement Award for Leadership on behalf of the Governor, noted that he was passionate about real estate sector having led the state Property Development Commission (LSDPC).

He said, “I am extremely committed to ensuring that the housing deficit being experienced in the state is a thing of the past”.

Appreciating her Special Recognition Award for Innovation in Public service Award, she said that she looked forward to further growing the industry as much as she can.

In her words “Lagos leads and others follow, we have come up with this development plan for the real estate. The laws are being amended at the moment so that it can be all-encompassing. We want the laws to be the norms of the day in line with global changes. I will continue to lead the way as the brain behind the developments being currently achieved. “.

She asserted that Lagos State Real Estate Transaction Department (LASRETRAD transited under her leadership to Real Estate Transaction Regulatory Agency and is poised to sanitise the sector and address the housing deficit in the state.

Earlier in his keynote address, The Managing Director/Chief Executive Officer of The Federal Housing Authority, Senator Gbenga Ashafa commended the organizers of the event, Thinkmint Nigeria and Business Day Newspapers, for putting together a timely and well thought-out conference, stated that their ability to aggregate the high quality of panelists lends credence to their wide network and professional expertise.

He said “as stakeholders in the real estate industry, the theme of this program not only requires us to outline the changes that are taking place in our industry but also requires us to rethink our strategy and retool in order to meet the daily evolving needs of the consumers in line with global realities.”

Ashafa posited that like every other industry, the real estate sector is grappling with a painful uncertainty in the global economy, rapid technological advancements, a growing appetite for home ownership by a retiring generation of baby boomers, a sharp deviation in lifestyles and tastes by a maturing generation of millennial, the impact of an unforeseen pandemic, amongst other realities and trends.

He highlighted that it is important to answer the important question on how to manage the change in consumer preferences, as well as other emerging trends going forward and identified the three major areas necessary for the desired change to be building, financing and documentation.

Also speaking at the event, Managing Partner at ThinkMint Nigeria, Imelda Usoro-Olaoye, while welcoming participants stated that the conference themed “The real estate market, an overview of the current global changes.” had a major focus on identifying the limitations encountered by players in Nigeria’s real estate market seeking global relevance. It also aimed to birth ideas that would facilitate the improved performance of the real estate industry.

Awardees at the event were Governor Babajide Sanwo-Olu, Executive Governor of Lagos State received the Lifetime Achievement Award for Leadership, based on his demonstrated leadership in the state which has greatly driven the real estate market in the state to greater heights. Senator Gbenga Ashafa, MD/CEO Federal Housing Authority who received the Lifetime Achievement Award for Excellence in recognition of Senator Ashafa’s contributions to the growth of real estate in Nigeria, starting from when he was the Permanent Secretary, Bureau of Lands, Lagos State, as well as the MD’S immediate impact, under one month of his assumption as the Chief Executive of the Federal Housing Authority, especially as regards the regeneration of FESTAC Town Lagos, a pointer to the great things he is set out to accomplish.