The 2019 Lagos State Action Democratic Party (ADP) candidate Babatunde Gbadamosi has blamed the dwindling fortune in the real estate on the Land Use Act.
Gbadamosi who spoke at the Real Estate Developers Awards, said the land use act should be reviewed to promote economic growth and development of the sector.
He said the land act was distractive; noting it completely eroded the economic power of potential investors and gave sweeping powers to governors.
According to him, this was largely responsible for the slow pace of growth in the real estate business. He added that the act was overdue for review in order to promote development.
He said due to the excess powers of governors, they issue and revoke certificate of occupancy, noting many states have lots of applications for C of O piled on their tables awaiting approval.
Gbadamosi said the system was frustrating because land ownership was being taken away from the reach of ordinary people.
This, he said was uneconomical and poses danger to the industry. “Until we work out something better and give people free hold to their land, the challenge will continue to be there.”
Source: The Nation
