On Wednesday, November 17, 2021, the Nigerian Senate passed the Real Estate (Regulation and Development) Bill 2021 (the “Bill”).
The objective of the Bill, among others, is to standardize the business of real estate development in Nigeria by regulating the conduct of transactions in the real estate sector. The Bill also seeks to establish the Real Estate Regulatory Council of Nigeria (the “Council”) to provide efficient, effective, and transparent administration of the business of real estate development and prescribe minimum standards for the conduct of the business of real estate development in Nigeria.
The Bill, therefore, has a general application in every state in Nigeria including the Federal Capital Territory, Abuja (“FCT”).
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