Mixta Africa, a pan-African real estate development company, has hailed the federal government’s (FG’s) planned housing sector reform, hoping it will strengthen regulation, improve buyer protection, and increase confidence in the sector.
The developer, which has more than two decades of experience developing residential communities across Africa, has also canvassed clear mechanisms for independent milestone verification and access to sustainable construction finance.
The company believes that answering two questions will be critical to the successful implementation of the proposed framework. The questions are: Who independently verifies that a construction milestone has been achieved before funds are released from escrow, and how will credible developers finance construction where buyers’ funds are more tightly controlled?
It notes that the proposed National Housing and Built Environment Regulation Policy (NHBERP) includes mandatory licensing for developers and estate agents, escrow protection for buyers’ funds, stronger professional standards and construction quality assurance, improved land administration, urban renewal and a National Housing Data Observatory.
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