The House of Representatives has concurred with the Senate on the need to establish the Real Estate Regulatory Council of Nigeria to administer the sector and ensure transparency.
The bill for an Act to Establish Real Estate Regulatory Council of Nigeria which emanated from the Senate was presented by Deputy Majority Leader of the house, Rep. Peter Akpatason (APC-Edo)
The rep said that the council, when established will provide efficient, effective and transparent administration of the business of real estate development.
He said that the council is also to prescribe minimum standards for the conduct of the business of real estate development in Nigeria.
According to him, the council, when established is expected to ensure development, sales and lease of plots, apartments, buildings or any landed property in a transparent manner in the real estate sector
“Provide globally acceptable standards of service and transparent administration of the business of real estate development.
“Prescribe minimum standards for real estate sector, conduct of the business of real estate development in the Federal Capital Territory and for related matter,” he said.
The bill which has 34 clauses was unanimously adopted by the house; it will now be listed for third reading after which it will be transmitted for presidential assent.