The Presidency has assured stakeholders in the housing and real estate sector of its readiness to review proposed legislation aimed at regulating the industry to address existing legal concerns without imposing excessive regulations or increasing the government’s recurrent expenditure.
The Special Adviser to the President on National Assembly Matters (House of Representatives) Wasiu Olanrewaju-Smart gave the assurance on Monday at a stakeholders’ conference on the proposed National Real Estate Regulatory Authority.
He also acknowledged the House of Representatives for its continued collaboration with the executive arm of government.
Olarenwaju said the Presidency was prepared to give the proposed legislation a fair review particularly regarding its relationship with the Land Use Act and the need to establish an effective regulatory framework for the sector.
He stressed the need to determine how the proposed law would align with the existing legal framework while ensuring that regulation did not become excessive.
According to him the government was also concerned about how the proposed agency would be established and integrated into the existing government structure without unnecessarily increasing recurrent expenditure.
‘We want to know to what extent this proposed legislation addresses and reconciles the position of the Land Use Act and to what extent we are going to regulate the practice in this sector without over-regulating it’ he said.
Olarenwaju urged professionals and other stakeholders in the housing and real estate industry to provide guidance on the proposed legislation expressing confidence that their expertise would help address concerns surrounding its implementation.
He said their contributions would be valuable in determining how the proposed agency could operate effectively within the existing government structure while avoiding unnecessary expansion of public spending.
The presidential aide reaffirmed the government’s commitment to working with stakeholders to strengthen the housing and real estate sector assuring them of its readiness to support initiatives that would promote the industry’s development.
‘I would like to assure you that the government is ready to partner with you and promote a stronger housing and real estate sector’ he said.
The proposed legislation is expected to generate further discussions among lawmakers government officials and industry practitioners on the appropriate regulatory framework for the sector its relationship with existing laws and the financial implications of establishing a new agency.