The House of Representatives has concurred with the Senate on establishing the Real Estate Regulatory Council of Nigeria to administer the sector and ensure transparency.

The bill for an Act to Establish Real Estate Regulatory Council of Nigeria, which emanated from the Senate, was presented by the deputy majority leader of the house, Peter Akpatason (APC-Edo)

The rep said that the council, when established, will provide efficient, effective and transparent administration of the real estate development business.

He said the council also prescribes minimum standards for the conduct of the real estate development business in Nigeria.

According to him, the council, when established, is expected to ensure the development, sales and lease of plots, apartments, buildings or any landed property transparently in the real estate sector.

He also said the council would “Provide globally acceptable standards of service and transparent administration of the real estate development business.

“Prescribe minimum standards for the real estate sector, the conduct of the business of real estate development in the Federal Capital Territory and for a related matter,” he said.

The house unanimously adopted the bill, which has 34 clauses. It will now be listed for third reading, after which it will be transmitted for presidential assent. 

(NAN)