In a recent announcement at the 5th Lateef Jakande Housing Lecture Series organized by the Real Estate Developers Association, Governor Babajide Sanwo-Olu of Lagos State revealed plans to review the Property Law of Lagos State 2010 and the Rental Law of Lagos State 2011. The governor emphasized that this strategic move aims to safeguard the interests of both investors and end-users within the state.
Highlighting the commitment to digital transformation, Governor Sanwo-Olu expressed the government’s dedication to enhancing efficiency and customer satisfaction by digitizing various departmental processes. He commended the progress made in providing homes for all and urged stakeholders in the built sector to support leading-edge research into innovative building technology that could potentially reduce construction costs.
Governor Sanwo-Olu outlined the vast opportunities within the entire housing value chain, underscoring the government’s ambitious goal of delivering 10,000 new homes by 2027. He extended an invitation to potential partners and collaborators, emphasizing the openness to forging alliances that align with the state’s vision for safer and more accessible housing. As part of this vision, the governor acknowledged the need for social housing to accommodate the growing vulnerable population as the overall population of the state increases.
Addressing the changing landscape of urban living, the governor foresaw a future where smaller smart homes would be in demand. He anticipates a shift in the expectations of future urban dwellers, with an increased focus on house rentals and co-housing, potentially excluding traditional home ownership. To adapt to these evolving trends, Governor Sanwo-Olu disclosed ongoing reviews of key legislation, including the Property Law of Lagos State 2010 and Rental Law of Lagos State 2011, to align with the evolving needs of both investors and end-users.
Governor Sanwo-Olu underscored the significance of leveraging financial technology (fintech) to develop tailored solutions for creating convenient mortgage options. He expressed the state’s intention to explore collaborations with neighboring states, aiming to harness the vast land resources available collectively to address housing challenges. Emphasizing the importance of innovative ideas, the governor welcomed partnerships with investors that could lead to faster construction timelines, cost-effective homes, and more accessible mortgage packages.
Drawing attention to a successful past partnership, Governor Sanwo-Olu highlighted a collaborative effort that employed advanced building technology, resulting in the completion of 2-bedroom flats within an impressive 14 days. This initiative not only showcased the potential for rapid construction but also incorporated energy-saving designs that reduced water and power usage, ultimately lowering costs for homeowners. The success of this collaboration culminated in the establishment of a Green Estate at Idale, Badagry, featuring 252 bungalows.
As the state government actively engages in reshaping its housing policies and exploring innovative solutions, Governor Sanwo-Olu remains optimistic about the positive impact these changes will have on the housing landscape in Lagos State. The commitment to collaboration, technological advancement, and legislative reviews reflects a comprehensive approach to addressing the evolving needs of the population and fostering sustainable housing development. Infostride News will continue to monitor and report on developments related to these initiatives.
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