The Lagos State Government has unveiled its plans to review the Property Law of Lagos State 2010 and the Rental Law of Lagos State 2011.
The State Governor, Babajide Sanwo-Olu disclosed this at the just concluded 5th Lateef Jakande Housing Lecture Series Organised by the Real Estate Developers Association.
Sanwo-Olu highlighted opportunities in the housing value chain, emphasizing the need for safer homes with the aim to safeguard investors’ and end users’ interests in the state.
The governor said, “We will expect a re-imagining of the expectations of future urban dwellers, which, of course, may exclude home ownership. We expect to see more efforts in terms of house rentals and co-housing. For this purpose, we are already reviewing some of our laws, mainly the Property Law of Lagos State 2010 and Rental Law of Lagos State 2011, to take care of the interests of both investors and end-users.
‘’The state was looking at leveraging fintech to provide tailor-made solutions to our pertinent problems in creating convenient mortgage options for our people.
“We have also opened our doors to partnerships with investors, who have innovative ideas that could result in shorter time of completion, cheaper homes, and convenient mortgage packages. We had a partnership that leveraged building technology whereby 2-bedroom flats were completed within 14 days.”
