The National Assembly (NASS) has turned down the Real Estate Developers Association of Nigeria (REDAN) Regulation and Development Bill.
This follows the resolution of the Ad-hoc Committee set up by the House to investigate the operations of real estate developers in the Federal Capital Territory (FCT).
The decision of the Green Chamber was conveyed in a communique signed by the chairman of the investigative panel, Mrs Blessing Onuh.
It will be recalled that the Senate had in November 2021 passed a bill to help curb fraudulent practices, ensure that the real estate business conforms with the National Building Code (NBC) in Nigeria, as well as create an innovative and sustainable environment to promote Nigeria as a real estate investment destination in Africa and the world.
The bill was sponsored by Senator Aliyu Wamakko. The bill suffered rejection at the House on the ground that it is unrealistic, hence lacking practicability.
Reacting to the development in Abuja recently, the executive director, Housing Development Advocacy Network (HDAN),Mr Festus Adebayo, said the Green Chamber’s refusal to pass the Real Estate Regulatory Bill which has the support of major stakeholders including government agency like EFCC will pose greater threats to the housing sector.
“Our thinking is that Onu’s committee, having seen a lot of problems that regulation gaps have created, should have considered passing the bill to arrest the reoccurrence of the problems. We call on all stakeholders to come together in ensuring that the bill is passed,” Adebayo submitted.
Other resolutions reached by the investigative panels include setting up a committee to review and update the FCT masterplanas well as reawakening the moribund FCT urban and regional planning tribunal.
It also resolved that all relevant agencies of government such as the Federal Capital Territory Administration (FCTA), Independent Corrupt Practices and Other Related Offences Commission (ICPC), Economic and Financial Crimes Commission (EFCC), among others, must compel all operating developers to clear their names and reposition their investments to avoid sanction.
Similarly, the committee resolved that a resettlement and compensation policy be instituted while the relevant departments of the FCTA saddled with the responsibility of land administration be strengthened and be alive to their responsibilities by introducing a technology-based data system compulsory for all estate developers to be registered and create a unit to serve as an ombudsman to mediate between the homebuyers and developers.
It also resolved that the various relevant departments immediately commence the recovery of all revenue accruable to the government, adding that the Public Private Partnership (PPP) remains the most veritable means to reducing the national housing deficit.
While directing the FCTA to with immediate effect commence the regularization and issuance of certificate of occupancy(CoO) for some developers who have met the requirements, it equally charged the FCTA to kickstart the revoking process of some titles that are incurably defective.