• Seven built environment regulatory bodies, others to form council
• Council to register, license all real estate developers
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.
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, ensure the real…
Source: Guardian Newspaper