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Plans to reinvigorate the real estate sector and engender confidence among operators and subscribers got a boost last week with the Senate’s passage of a bill for the establishment of the Real Estate Regulatory Council of Nigeria. According to Nigeria Guardian.

The bill seeks to curb fraudulent practices and ensure compliance with the National Building Code, standardise the business of real estate development by regulating the conduct of transactions in the real estate sector as well as provide enabling environment and transparency in the business of real estate development.

Similarly, it also targets to 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.

Other objectives include, curb fraudulent practices in the business of real estate development, ensuring the real estate business conforms with the National building code, create an innovative and sustainable environment to promote Nigeria as a real estate investment destination in Africa and the world.

Among its priority is to ensure real estate business in the country 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 to diligence compliance.

A major aspect of the bill is the establishment of the Real Estate Regulatory Council. The function of the council is to regulate the business of real estate development; promote sustainable development of the business of real estate as well as provide and promote strategic collaborations with investors in the business of the real estate.

The council would also register, license all real estate developers and renew the license of real estate developers every three years, upon payment of the prescribed fees and fulfilment of all requirements and investigate and penalise unlicensed real estate developers that violate the provisions of this bill as well as protect the interest and funds of investors and other stakeholders in the business of real estate development in Nigeria.

Some professionals in the sector have described it as the right step but stressed the need to ensure

Nigeria would provide efficient, effective and transparent administration of real estate development in Nigeria.

Source: The Nigerian Guardian