A sweeping policy change in Lagos physical planning and urban development is in the offing if the words of the senior officials of the government are anything to go by.

Under the proposed changes, the state government has granted a 90-day moratorium to property owners or developers to obtain planning permits. ”From April 15, we will start the amnesty programme for those that have completed their property, and already using them without permits.

“They should use consultants to generate the necessary documents and come forward; the properties will be given permits. It will run for a period 90 days, and we’re not going to charge any penalty,” the Lagos State’s Commissioner for Physical Planning and Urban Development, Dr Olumide Oluyinka, said.

The authorities have also amended the regulations that make it compulsory for multi-storey building owners to submit lift designs and vendors’ details. “If you have a multi-storey building and the lift is not working, going forward, when people are going to submit building plans, for any building that has lift, we are going to ensure they submit along with their documents, the details of that lift and vendor-approved or awarded the contract for the installation,” he said.

Speaking at the Association of the Real Estate Agents in Nigeria (AEAN) summit held in Lagos, with the theme, “Building Enduring Partnership for a future,” Oluyinka said the government plans to interface with the banks to ensure loan applicants submit title documents. He challenged the association to take up the responsibility to raise the red flags when residents deface communities or fail to abide by town planning regulations.

He called for a partnership between the government and the association to enhance the value of properties in the metropolis and eliminate illegal structures. “If you have a magnificent house and you can’t get access, it has no value,” he said.

According to the commissioner, it is only people with plan approvals in the Lagos-Calabar Coastal road project that would be compensated. He said, “We are clearing the coastal road, and some houses would be affected, if you do not have planning permit approval, you cannot be compensated.”

Also, the Special Adviser to Lagos State governor on Housing, Barakat Odunuga-Bakare, said the Lagos State Real Estate Regulatory Authority (LASRERA) law enacted in 2022, signifies a significant step towards promoting investment and development within the state’s real estate sector.

She emphasised that it is an offence for an individual or organisation to engage in real estate business in the state without being registered with the agency, “let us act responsibly and follow the path of the law,” she said.

In promoting investment and development in the sector, Odunuga-Bakare said LASRERA has made commendable progress in addressing grievances that emanated from real estate transactions in the State, having resolved 1,027 out of 1,577 petitions received.

“As governments worldwide safeguard investor interests, it is imperative that we provide a conducive environment and adhere to international best standards. LASRERA actively engages in public awareness campaigns to educate citizens about their rights and responsibilities in real estate transactions, thereby empowering them against fraudulent activities,” she added.

The keynote speaker and Senior Partner, Ubosi Eleh and Company, Emeka Eleh, disclosed that the challenges in estate agency include the lack of multiple listing services or standardised listing platforms and standard sources of data.

”Likewise, transactions are not retired into a standard platform that will ensure availability of accurate data of sale values, poor regulatory environment – all comers game – easy entry, the preponderance of untrained and unqualified practitioners with no professional training that makes partnerships with such people difficult, as well as low volume of transactions due to poor mortgage penetration,” he said.

Eleh called for the introduction of a listing agreement – sellers and lessors should sign a listing agreement with the agent detailing terms, as well as an agency representation agreement– buyers and lessors should also sign an agency representation agreement with an agent that they will work with him.

He also recommended a fee-sharing protocol. “Various informal arrangements exist but there is an urgent need for a formalised industry standard that will cover all possible participants – selling agent, buying agent, cooperating agent, and finder’s fee.

“Also, the introduction of standardised documents like offer letters, amendment letters lease agreements, know your client documents, buyer representation agreements, and seller representation agreements,” Eleh said.

Earlier, AEAN Chairman, Isah Jatto, said the association has continued to promote awareness for training and retraining of estate agency personnel, maintaining a database of agents, ensuring a high standard of professional ethics, liaising, and cooperating with governments, as well as agencies in the formulation and implementation of policies relating to the real estate sector of the economy.

Jatto disclosed that AEAN and the Nigerian Institution of Estate Surveyors and Valuers (NIESV) have prepared a bill to the National Assembly towards setting up a commission to oversee the practice of estate agencies with a view of standardising and protecting the image of practitioners.

The Vice President, United States-based National Association of Realtors (NAR), Kevin Brown, said Nigeria has the potential to achieve economic growth due to its huge population.

According to him, the partnership with the association will ensure a better future for the communities, organisations and the industry.