‘Values should be consistent with economic realities’
http://ift.tt/2rAsFyU Minster of Works, Power and Housing, Babatunde Raji Fashola. Apparently worried by the lack of valuation standard in the real estate sector, the federal authorities have urged the estate surveyors to develop transparent, simple and comprehensive estate valuation data. The Minister of Power, Works and Housing, Babatunde Fashola, who gave the charge while inaugurating the members of Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) led by its Chairman, Olayinka Sonaike expressed concern over the rising costs of acquiring lands and other landed property. Fashola who observed that the current values of landed property does not reflect the prevailing social and economic downturn and realities in the country, tasked the board to come out with stringent regulatory measures to ensure that the prices are in tune with economic realities. He said that the negative impact of the rising costs can easily be seen in the increasing costs of doing b...