The Real Estate Developers Association of Nigeria (REDAN), has appealed to President Bola Ahmed Tinubu, to assent to the Real Estate Regulatory Council Bill (RECON), to standardize the business of real estate development in Nigeria
Recall that in November, 2021, the 9th Senate passed the Real Estate (Regulation and Development) Bill, and a week late, Senate President, Ahmad Lawan, sent the Bill to the House of Representatives for Concurrence, which was finally passed in May this year.
While addressing journalists yesterday in Abuja, President and Chairman of Council of the Real Estate Developers Association of Nigeria, Aliyu Oroji Wamakko, said when assented to, it would regulate the conduct of transactions in the sector.
He added that the Bill would provide enabling environment and transparency in the business of real estate development in Nigeria in conformity with global best practices.
According him, the initiative would curb fraudulent practices in the business of real estate development in Nigeria; and ensure that the real estate business conforms to the National Building Code in Nigeria.
“We are confident that the President Asiwaju Bola Ahmed Tinubu GCFR, the Commander –In –Chief of the Armed Forces who has Nigerians at heart will sign the Bill into Law soonest considering the essence of the Bill to the real estate sector.
“As it will serve as engine for job creation; with resultant benefits of National Economic Development.We use this medium to thank Members of the REDAN Board of Trustees, National Executive Council and entire Members for supporting us in our journey to get the Bill to this state,” he said.
