The rep said that the council, when established, will provide efficient, effective, and transparent administration of the real estate development business.
News Agency of Nigeria
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 Deputy Majority Leader of the house, Rep. 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 that the council is also to prescribe 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.
“Provide globally acceptable standards of service and transparent administration of the business of real estate development.
“Prescribe minimum standards for real estate sector, conduct of the business of real estate development in the Federal Capital Territory and for related matter,” he said.
The bill, which has 34 clauses, was unanimously adopted by the House; it will now be listed for third reading, after which it will be transmitted for presidential assent.
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