Ibadan — National President of the Real Estates Developers Association of Nigeria (REDAN), Mr. Bode Afolayan, has emphasised the need to update certain aspects of the regulatory agencies operations as a way of reducing the growing incidents of collapsed buildings in some parts of the country.

Afolayan, who spoke with newsmen in Ibadan, however, said the update would increase stakeholders' interest and participation in the real estate industry.

According to him, the update could only be done through legislative process since the operating laws is backed with legislations, stating that the update would stem the growing incidences of collapsed buildings.

"Housing projects are built in line with the regulatory body's dictates which is backed with legislation in order to check growing incidents of collapsed buildings, especially in Abuja and Lagos," he said.

Speaking further, he canvassed the need for proper education of Nigerians about the activities of members of the association, which he said would correct the erroneous impression about operators and stakeholders in the business.

He stated that it is the intention of government to meet up with the housing needs of the nation's citizen but stressed that the idea which was nurtured in 1990 is still open to learning processes.

The REDAN chief advised the public to show understanding to members of the association by considering the intricacies and processes involved in ensuring quality delivery of service. "it is very important that people realize the way we handle our affairs, funds are not only released to us in batches, deed of assignments and necessary legal documents has to be made available to the loan provider as guarantee and assurance of securities in recouping the funds in the event of default in payment'.

He blamed delay experienced in handling housing property on bureaucratic bottlenecks on the part of officials of partnering states and mistakes in filling of forms by beneficiaries which results in making processing of forms a repeated exercise.

Afolayan assured that the quality of job to be carried out by his members would satisfy the requirement of the federal mortgage bank and other regulatory bodies.