The bill is tagged: The Real Estate Regulatory Council of Nigeria (Establishment) Bill, 2021.
The passage of the bill followed the consideration of a report by the Committee on Establishment and Public Service.
The report was laid during plenary by the Deputy Chief Whip, Senator Sabi Abdullahi.
Senator Nicholas Tofowomo, presented the report on behalf of the Committee Chairman, Ibrahim Shekarau.
The lawmaker said the council would be responsible for prescribing minimum standards for the conduct of the businesses of real estate development across the country.
If assented to by President Muhammadu Buhari, the establishment of the Real Estate Council of Nigeria is expected to provide efficient, effective, and transparent administration of the business of real estate development in Nigeria.
The Council when established would, amongst others, curb fraudulent practices to ensure that the real estate business confirms with the National Building Code in Nigeria.
It would also be responsible for prescribing minimum standards for the conduct of the businesses of real estate development across the country.
The bill sponsored by Aliyu Wamakko (APC, Kebbi) was read for the first time on April 28, 2021, and a scaled second reading on June 22, 2021.