By 👤By Anthony Ebere 📅JULY 12, 2023 🏷Real Estate
LAGOS GOVERNMENT UPDATE POLICIES TO PUT DEVELOPERS IN CHECK.
Real estate developer, Mr Omotayo Odumade, has speculated that Lagos State Government is putting in place policies and regulatory bodies to check and balance the activities and policies of developer implemented in the construction stage of their projects.
Mr Odumade, who spoke, over the weekend, said the incessant collapse of buildings in Lagos in recent times would become a thing of the past if the regulatory bodies can actively involved in thorough analysis of real estate building regulations and policies within the state.
The estate developer, who is the Chief Executive Officer of a real estate company, believes in the gigantic potential and opportunities in the real estate sectoring provision of comfortable, secured and affordable homes as well as to generate revenue.
As an alumnus of the prestigious Lagos Business School, where he studied Agriculture Business Management, Mr Odumade took a swipe at real estate developers, who derive joy in cutting corners in the execution of their projects at the detriment of the sector and the citizenry.
“Cutting corners is an old-fashioned tactic in real estate. From experience, most of the corner cutters have blamed themselves in the long run. It is time for managers of the real estate industry to embrace technology in their construction work”.
He also went further by saying: “Let me give you a practical example, we have properties that stay a year or more in the market before they are sold. For a developer that has cut corners in painting for example, he will have to repaint multiple times before he gets that property sold, which means he must have spent three times of the initial painting cost as a result of the delay in selling off his property.
“Another example is houses that have cracks, the Lekki-Ajah axis for example, it’s a water-filled region that mostly requires pile foundations, and some developers cut corners and will do just raft foundations neglecting the piling just because they want to be cost-effective “In the long run, their houses crack and they have to sometimes demolish or spend extra cost to repair what should have been done properly. So, corner cutting most times is also a disadvantage to developers that do such.”
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