Operators and experts in the real estate sector on Thursday called for compulsory insurance of building property, enhanced advocacy, and regulation of players in the sector to avert building disasters in Lagos.

They gave their submissions during panel sessions at the fourth Lagos Real Estate Market Place two-day Conference and Exhibition organised by the Lagos State Real Estate Regulatory Authority (LASRERA) in Lagos.

Adeola Olusodo, the executive director of building development at the Lagos State Development and Property Corporation (LSDPC), said it remained important to create better safety awareness among stakeholders in the sector.

Mr Olusodo stated that developers, builders and other players in the sector must comply with safety rules, regulate themselves before being regulated by the government and adhere to professionalism.

Ololade Abuta, the managing director of Gracias Group, said the authorities must keep realtors in check and mandate them to follow all due process before construction rather than allow them to build and later demolish the building.

Ms Abuta noted there was no need to promote the demolition of so-called “illegal buildings” because it remained an economic loss for developers, off-takers or buyers, and the government.

She advised developers to get all their building approvals before construction to be safe from future disasters and urged the government to synchronise all its building authorities for seamless and faster building approval processes.

Hakeem Ogunniran, Eximia Realty ECO, said players in the sector must focus on transparency, risk management and regulatory enforcement to get it right.

Ngozi Anyogu, AG Mortgage Bank managing director, urged the Lagos government to formulate risk management and regulatory procedures for the built industry.

He Anyogu said insurance and risk management served a good purpose in real estate management, and as such, every building project must be insured to the latter, while defaulters should be punished accordingly.

He advised the state government to review land transaction laws to accommodate current trends.

Rotimi Ojamamoye, Assetrise managing director, urged LASRERA to rate, delist, publicly shame, and imprison players in the built environment involved in illegality.

Mr Ojamamoye advised players in the built environment to also desist from exchanging roles, noting that each professional is specialised in their field and could not be replaced with another.

“A developer is different from a building engineer and should not exchange roles. When such roles, among others, are exchanged, there will be a defect in the building,” he said.

(NAN)