As a way to effectively handle the current huge housing deficit in the country, the government is collaborating with the private sector through reputable agencies and associations. One of such is the Real Estate Developer’s Association of Nigeria (NIGERIA), an agency tasked principally with the responsibility of facilitating the delivery of affordable mass housing in the country. The association has a membership strength of over 1, 500 members and is the brain behind any housing development or initiative that is organized and/or sponsored by the Federal, State & Local Governments, NGOs, private organizations, as well as foreign partners and investors.
The association, which was created in the 90s, has gained tremendous reliability and reputation through its ability to endorse the interests of its members by furthering the reformation process of the mortgage finance sector thus creating a conducive environment for the provision of mass housing at the National Assembly and restructuring the housing finance policies of the Central Bank of Nigeria FMBN, Primary Mortgage and Commercial banks. The association also partners with other associations in the Housing and Real Estate Development industry and works closely with the Federal Ministry of Lands, Housing and Urban Development since the ministry is a major provider of land.
The association’s National Secretariat is located at 32, Minna Street, Off Ilorin Street, Area 8, Section 1, Garki, Abuja FCT, while the South West Regional Office is located at Plot 1, Block B8, CMD/Jubilee Road, Magodo, GRA, Lagos State, Nigeria.
Although REDAN is backed and funded by the Federal Mortgage Bank of Nigeria (FMBN) – the apex mortgage lender in Nigeria – the association is presently trying to improve funding by branching out into the national and international capital market so as to make sure that the realization of delivering mass housing to Nigerians is not encumbered by an unsteady flow of funds.
With a strategic direction to create a platform where real estate developers can collaborate for the common good of Nigeria, REDAN seeks to ensure and maintain amiable relations with all stakeholders associated with the housing industry. It also collaborates with government agencies and parastatals involved in land administration, planning, infrastructure development, housing provision and administration. The association also actively promotes research studies for the improvement of building materials and systems, as well as setting a standard for the industry.
In line with its objectives, REDAN’s Vision Statement is “To be Nigeria’s most influential and credible voice in the real estate development and investment industry, a notable force in influencing industry policies and practices; with strong local and international recognition in all issues affecting the Nigeria real estate sector.”
Its Mission Statement is “To effectively represent the members to achieve their corporate objectives and to efficiently carry on their business as agents of development by ensuring public appreciation of the importance of REDAN, and efforts it is making to meet the housing needs of Nigerians. Ensuring balanced national legislative, regulatory and fiscal policy to provide the enabling framework and environment for effective housing delivery.”
Membership of this prestigious association however is not open to individuals but corporate organizations and is by application. Applicant must be an estate development company or be involved in business related to the housing industry or commercial real estate development including building of residential, commercial or industrial structures. This is inclusive of shopping centers, plazas or other commercial structures. Corporate organizations eligible for membership are Limited Liability Companies, Registered Societies, Partnerships, and Parastatals of State or Federal Governments involved in real estate development.
Some of the benefits of being a member are:
• Credibility and recognition as a developer.
• Access to information on developments affecting real estate development.
• Support for land acquisition, participation in the Public Private Partnership (PPP) scheme for infrastructure and estate development
• Access to finance under the REDAN Real Estate Investment Trust (REIT) scheme, or other local and offshore development loan syndication schemes under the auspices of the Association.
• Opportunity to access estate development financing from the Federal Mortgage Bank of Nigeria (FMBN) and sell housing units to National Housing Fund (NHF) contributors under the NHF mortgage loan scheme
• Access to NAHB resources through REDAN’s affiliation with IHA
• Access to customized and symposiums, such as the EDL workshop