Home Housing REDAN Bill will standardize real estate operations- Stakeholder

REDAN Bill will standardize real estate operations- Stakeholder

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The President of the Real Estate Developers Association of Nigeria (REDAN), Alhaji Aliyu Wamakko has said that the REDAN Regulation and Development Bill, recently passed by the Upper Chambers of the National Assembly, aims at standardizing the business of real estate development in the country, by regulating the conduct of transactions in the built sector.

The bill he also said will provide an enabling environment and transparency in the business of real estate development in Nigeria, make the business of real estate development in Nigeria conform with international best practices and safeguard the ultimate interest of all stakeholders in the business.

With the eventual passage into law, Wamakko added that the bill will curb fraudulent practices in real estate busines in the country, ensuring that business activities conform with National Building Code in the country, will further see all entrepreneurs in Real Estate development become registered Members of REDAN, licenced by the Real Estate Regulation Council (RERCON)

“The objectives of the Bill are to standardize the business of real estate development in Nigeria by regulating the conduct of transactions in the real estate sector, provide enabling environment and transparency in the business of real estate development in Nigeria, the REDAN boss said.

“(It will) make the business of real estate development in Nigeria conform to international best practices and safeguard the ultimate interest of all stakeholders in the business, curb fraudulent practices in the business of real estate development in Nigeria and ensure that the real estate business conforms with the National Building Code in Nigeria.

“(It will) create an innovative and sustainable environment to promote Nigeria as a real estate investment destination in Africa and the world, and ensure that the real estate business in Nigeria conforms with the Money Laundering Prohibition AcT 2011 (as amended) and NFIU AcT 2018 in terms of anti-money laundering and counter terrorism financing due diligence compliance.

“The Bill, it is hoped will receive the blessings of the President of the Federal Republic of Nigeria, Muhammadu Buhari, who we know to be an advocate of best practices and transparency”, Wamakko said.

He concluded by adding that the time to ensure compliance with all extant laws, National Building Code and adherence to standards by Developers is ‘now’ by all practitioners. “Nigerians will greatly benefit from the passage of this Bill as it will ensure value for money by the home-seekers, quality of buildings and mitigation of collapsed building in our dear nation”, he expressed.

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