REDAN in ag­gres­sive push to ease ac­cess to fi­nance, land ti­tles

Business Day (Nigeria) - - PROPERTY & LIFESTYLE - CHUKA UROKO

The Real Estate De­vel­op­ers As­so­ci­a­tion of Nige­ria (REDAN), South West Zone, says it is on a mis­sion to change the nar­ra­tive on hous­ing de­vel­op­ment and de­liv­ery in Nige­ria which is char­ac­ter­ized by con­straints and costs that make ac­cess to fi­nance and land ti­tles dif­fi­cult.

Be­sides the quest to be vis­i­ble and more in­volved in all that have to do with hous­ing de­liv­ery, the as­so­ci­a­tion which has just elected its new exco mem­bers with Debo Ade­jana of Realty Point as chair­man, also wants to de­liver value to its mem­bers and teem­ing clients.

“At the zonal level, we have two ma­jor ar­eas we have set out to pur­sue in the re­main­ing 18 months of our ten­ure,” Ade­jana said at a press brief­ing in La­gos which had in at­ten­dance Kunle Adeyemi, Sec­re­tary and CEO, Ster­ling Homes; Bamidele Onalaja, La­gos State REDAN chair­man and CEO, Revo­lu­tion­plus Prop­er­ties, and Oku­sanya Oye­bola, chair­man, Ogun REDAN and CEO, Golden Bricks Realty.

Ac­cord­ing to Ade­jana, ac­cess to fi­nance and ti­tling are their main fo­cus, ex­plain­ing that fund­ing and ti­tle doc­u­men­ta­tion are se­ri­ous con­straints in hous­ing de­liv­ery. “We want to en­sure that our mem­bers have ac­cess to fund­ing. You know that there is a mis­match in the kind of fund­ing avail­able to de­vel­op­ers. Whereas the funds avail­able are short term, our projects are long term,” he ex­plained.

Con­tin­u­ing, he said, the ma­jor cause of the short­fall we have in hous­ing sup­ply is fund­ing. On the de­mand side, peo­ple can’t af­ford hous­ing be­cause of high in­ter­est rate on mort­gage. So, we want to find a way to aid both the de­mand and sup­ply side of hous­ing and to achieve that, we are al­ready dis­cussing with pri­vate sec­tor op­er­a­tors for part­ner­ship.”

Also as part of their fo­cus in South West Zone, Adeyemi said they would be do­ing their best to make the as­so­ci­a­tion more vis­i­ble by ag­gres­sively em­bark­ing on mem­ber­ship drive in or­der to project the as­so­ci­a­tion within the zone, as­sur­ing that they were al­ready putting struc­tures in place to make that hap­pen.

“There will be mem­ber­ship drive by look­ing out for all the play­ers to get them in­volved. We will also be en­gag­ing the gov­ern­ments of the six states in the zone on poli­cies that af­fect op­er­a­tions of the as­so­ci­a­tion,” he as­sured fur­ther.

Onalaja added that the as­so­ci­a­tion would be col­lab­o­rat­ing with the gov­ern­ments on land ti­tling which, ac­cord­ing to him, is a ma­jor con­straint to hous­ing de­vel­op­ment. “We want them to shorten the time and re­duce the cost of get­ting ti­tles for our de­vel­op­ment,” he said, ex­plain­ing that these two fac­tors af­fect sig­nif­i­cantly the value of projects.

Oye­bola harped on the need for pub­lic pri­vate part­ner­ship (PPP) so that there should be good pro­gramme for the peo­ple. He noted that gov­ern­ments all over the world are re­vatil­is­ing their economies through real estate de­vel­op­ment.

“To de­liver qual­ity prod­ucts to the peo­ple, and to meet the hous­ing deficit in the coun­try es­ti­mated at 20 mil­lion units, the govern­ment needs the or­ga­nized pri­vate sec­tor to drive it. We are out to part­ner with the govern­ment in or­der to get ti­tle for ef­fec­tive de­vel­op­ment,” he said.

The as­so­ci­a­tion plans to have of­fices in all the states of the fed­er­a­tion with a func­tional web­site. They also called on older col­leagues in the pro­fes­sion to join hands with them in or­der to make the lot of the mem­bers bet­ter.

Like any other pro­fes­sional body, REDAN is also con­tend­ing with chal­lenges that slow their op­er­a­tion. Ac­cord­ing to them, com­pe­tence and char­ac­ter of labour is a ma­jor is­sue, such that they have to source labour, in­clud­ing ar­ti­sans, from neigh­bour­ing West African coun­tries.

“The prob­lem is a so­ci­ety thing and it re­flects the get­rich-quick syn­drome that is af­fect­ing the coun­try as a whole. We re­ally need to pay at­ten­tion to vo­ca­tional train­ing in the coun­try,” Oye­bola ad­vised.

L-R: Bamidele Onalaja, chair­man, La­gos chap­ter; Oku­sanya Oye­bola, chair­man, Ogun chap­ter; Debo Ade­jana, chair­man, South West Zone, and Kunle Adeyemi, Sec­re­tary, South West Zone, all of Real Estate De­vel­op­ers As­so­ci­a­tion (REDAN) at a press brief­ing in La­gos re­cently.

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