Commissioner for Housing, Mr. Moruf Akinderu-Fatai has disclosed that the Lagos state government has set in motion the process of reviewing the Mortgage Law in order to increase the confidence of property developers and enhance private sector investment in the built sector.
Commenting on the development In a statement published by ThisDayLive, the Commissioner said: “This is being done with the intention of domesticating the law to meet the peculiar housing needs of Lagos. An amendment bill to the existing law is already before the House of Assembly for verification.”
“When the amendment is passed into law, it will address the interest of both the tenants and the landlords as there will be a clear chart in conflict resolution between the landlords and tenants,” he added.
According to the commissioner, the amendment will generate more confidence in the built sector and the consequent effect will be more investment in the sector.
On the affordability of homes for low and medium income earners, Akinderu-Fatai said the state government would continue to engage stakeholders in the finance sector to make mortgages as low as a single digit interest rate.
“This is being done to make home ownership through mortgage attractive to all. The strategy is to keep interest rates as low as possible to reduce financial hardship faced by the citizens in achieving their desire for home ownership,” he added.
Akinderu disclosed that the Lagos State Real Estate Regulatory Authority (LASRERA) an agency under the ministry of Housing saddled with responsibility of coordinating the activities of Real Estate practitioners in the state has registered 77 real estate practitioners in the state.