By Akanimo Sampson
Real Estate Developers Association of Nigeria (REDAN) has declared war on scammers in the real estate and housing sector of Nigeria’s economy.
The group has accordingly taken a bold step to curb unwholesome practices by erring members in a frantic bid to rescue the sector from being further dragged into the mud.
REDAN on Tuesday afternoon in Abuja, Nigeria’s capital city launched two of its flagship products to enhance its position in discharging its mandate of being the umbrella body of real estate and housing sector practitioners.
REDAN’s President, Aliyu Oroji Wamakko, Who performed the launching explains that the group is the principal agency and umbrella body of the organised real estate sector (public and private) recognized by the Federal Government in the National Housing Policy with a mandate to develop affordably housing in Nigeria.
According to him, ‘’we currently have about 3,000 registered corporate firms as members.’’
In a bid to tackle the disturbing weighty allegations against some members of the body by real estate subscribers, REDAN’s National Executive Council has introduced REDAN Seal which is now to be affixed to members’ documents.
The use of the seal, according to Wamakko, ‘’is part of the self-regulating mechanism that will enhance the quality of estate products and processes in Nigeria. The seals are in two categories.’’
There is a seal REDAN will issue to all accredited and active members who have consented to abide by the Code of Ethics of the Association and undertaken to abide by extant laws and guidelines relating to housing development in Nigeria.
‘’As members, they shall uphold the principle of equity in the conduct of their business affairs with professionalism, honesty, integrity and sound practices that support the principle of Know Your Customer (KYC) and other Financial Regulations’’, the REDAN chief said..
He said the other seal is to be used by members whose estates have been endorsed by REDAN.
In addition to the basic code of practice, Wamakko says members whose estates’ are endorsed have met the Association’s guidelines which include adequate land title documentation including development approvals, provision of basic infrastructure, engagement of professionals, procedures for seamless transfer of titles to homebuyers, and other criteria as contained in REDAN’s Estate Endorsement Charter.
‘’Members’ estates nationwide shall ultimately be endorsed to ensure standardisation and value to the homebuyers’’, he said, pointing out that the seals have security features like: name of the development company, registration number, mercury code, classification and others for ease of identification and cross-check of the accredited REDAN member.
Continuing, he said, ‘’the introduction of the REDAN Seals is to serve as a mark of credence and to distinguish accredited real estate developers from others; who are mostly land racketeers, posing to be developers and members of REDAN using the social media, flyers with attractive offers and another medium to ostensibly entice and convince prospective home-seekers and the public of the genuineness of their activities.
‘’The use of the REDAN Seal will enhance the practice of real estate and housing development business in Nigeria in line with global best practices.’’
The group also resolved to keep the public posted on developments and trends in the housing and real estate sector, using the instrumentality of REDAN Magazine.
The bi-monthly magazine is being positioned to be a leading voice in housing advocacy and housing-related news nationwide, dwelling on real estate policy framework, mortgage, National Housing Fund scheme, mortgage foreclosure, real estate health and safety, real estate, and market.
The magazine is also to feature design, arts, style, REDAN News, interior designs, among others.
In a swift reaction, Executive Director of Housing Development Advocacy Network (HDAN), Festus Adebayo, hailed the REDAN National Executive Committee for their courage, saying ‘’we cannot continue to fold our hands and allow scammers to destroy the real estate sector of Nigeria.
‘’As a foremost advocacy group in the sector, we are open for collaborations with professional bodies, NGOs, companies that are committed to protect the sanctity of the real estate and housing sector in Nigeria. ‘
’We are willing to join hands with REDAN to further regulate real estate advertising in our country.’’
Continuing, Adebayo who is a media guru, host of Housing Development programmes on television, and Convener of Abuja International Housing Show (AIHS), the biggest housing and construction annual event in Africa, says REDAN has made history by introducing seals and endorsement to real estate projects to protect subscribers.
According to him, the move started two years ago by Rev Ugochukwu chime leadership of redan and commended the new exco for continuing with this exceptional initiative aimed at restoring credibility to the sector.
