Standardisation key to preventing building collapse incidence — Kunle Ilori-Diamond
Diamond Ilori is a youth with intimate knowledge of Nigeria and Dubai’s real estate markets. In this interview with IFEDAYO OGUNYEMI, the Business Development Manager at Savoir Prive Properties speaks about how deep market understanding, commitment to excellence and peerless client relationships can pave the way in the real estate sector.What is the government not doing well regarding the standardisation of real estate business in Nigeria?Instead of paying money directly to developers during the construction phase, the government should create Escrow Accounts to protect investors. While real estate companies are indeed registered through the Corporate Affairs Commission (CAC), it remains crucial to inquire about the extent of their regulation. By regulation, I refer to oversight by a government body that is completely independent of the real estate development company owners. Are such regulatory bodies in existence within the industry? I know of Real Estate Regulatory Agency (RERA), but what is the work of the RERA?
