The proposed monthly rentals in Lagos state has been hailed by the Chairman, Nigeria Institution of Estate Surveyors & Valuers (NIESV), Gbenga Ismail. He commended what he called the idea behind the proposal but cautioned on the need for it to have legal clarity and infrastructure support. He spoke in a chat with the Media in Lagos yesterday. He said the idea is fair and close to market reality but recommended that the government should start with their own Housing estates before coming up with a law that will include the Private Sector in the net.He said though Nigerians are used to multiple year rental payment because some companies pay housing allowance to their staff at the beginning of the year and also those in business make large sums of money to enable them pay for several years it can be explored. However , the reality is not same for everyone as millions of people may yet not be able to continue paying the yearly rentals because of their economic peculiarities.He however argued that what the government is working towards in their thinking maybe that monthly payment will ensure affordability to cushion the harsh effects of the economy. But according to him a lot of work needs to be done because the policy seem to protect only tenants. He called for strong institutions to make it work such as the Judiciary where the Judges will be firm and deliver judgment without delay as done in advanced economies.Asked why the policy probably didn’t work in the days of former Lagos State Governor, Babatunde Fashola , he argued that it may have been because of lack of funds , unlike now that there is funds in the economy. The NIESV boss said ‘Now there is more money in the economy monthly rentals may lead to scarcity of houses in the market to be rented.According to him, for houses to be affordable there should be access to land, robust government policy regarding land ownership, alternative and affordable building materials and access to finance.He said: “Government should allow land to be accessed cheaply at marginal cost and amortise it over years, allowing the builder to build quietly while the government earns their monies through ground rent fees and other fees related to housing income. It’s unfortunate that over 70 percent of finishing housing products are imported. If a 3 bedroom flat goes for N15 million where is the affordability for an average Nigerian.Speaking on his achievement on his two year tenure as the helmsman of NIESV, Lagos he said he set out to ensure more qualified Estate Surveyors & Valuers were brought into the fold.Others are the numerous Mandatory Professional Continuous Development (MPCD) programmes to horn the skill of members. This singular achievement he stated has distinguished Lagos Estate Surveyors & Valuers from others from other states in terms of skill set and confidence in their jobs.
