By Esther Onyegbula
CONCERNED about the increasing number of building collapse in Nigeria, construction lawyer, Osinachi Nwandem, has called on the federal government to implement policies that can regulate the off-plan arrangement in the real estate industry.
Nwandem made this appeal during his address at the Africa Real Estate Summit held in Lagos recently.
Highlighting the popularity of the off-plan arrangement due to its potential for high returns, Nwandem underscored the existing high risks associated with it.
He emphasized the need for developers to address these concerns and provide investors with a sense of comfort and security, suggesting that incorporating legal mechanisms and measures in contracts and agreements, specifically off-plan purchase and sales agreements, was crucial in achieving this objective.
He said: “The investor’s right is to be able to receive that property as stated in the plan and as agreed between the parties and the developer should ensure that he achieves that.
‘’The right of the developer is to receive payment for actualising the investor’s dreams. Those are the rights and if any of those rights are breached, there are remedies.“
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