The House of Representatives has extended the mandate of its ad hoc committee investigating the operations of real estate developers in Abuja, to cover the entire country.
The investigation, according to the resolution, is to be with regards to the astronomical cost of such development and concerns about quality and conformity to initial land use, design and structural approvals and requirements.
The committee had earlier been mandated to liaise with all relevant agencies and stakeholders towards formulation of legislation to regulate the real estate sector.
This was a fallout of a motion Thursday by Minority Leader of the House, Ndudi Elumelu, who noted the sector is shrouded in secrecy, misrepresentation, quackery, bribery, incompetence, nondisclosure of information etc, due to lack of regulation and monitoring.
Despite the operations of COREN, CORBON, Estate surveyors and Valuers, Quantity surveyors, Nigeria Institute of Architects (NIA), Town planners, Mechanical and Structural Engineers etc, building collapse is on the increase”, the lawmaker said.
He said Nigeria has maintained its position with the most real estate development on the African continent for more than two decades. Due to the growing population of about two hundred million Nigerians and the influx of people from the rural areas to the urban areas, this sector is over stretched.
He said real estate development means further economic growth as evident by the growing number of real estate developers in Nigeria causing ongoing rise in the price of homes and increasingly making housing unaffordable for most Nigerians, especially in cities like Kano, Rivers, Calabar, Lagos, Abuja, which are commercial hubs.