The Rivers State House of Assembly has embarked on a legislative move aimed at bringing much-needed regulation to the state's real estate sector. This initiative is primarily focused on addressing the rising rents that have burdened residents, while ensuring transparency and fairness within the industry.
During a plenary session held at the Temporary Hallowed Chamber of the Rivers State Assembly, located within the Administrative Block of Government House, Port Harcourt, lawmakers opened discussions on the Real Estate Regulatory Authority Bill. This crucial bill, when passed, is expected to promote transparency, accountability, and discipline among real estate practitioners and property owners in the state.
The Leader of the House, Hon. Goodboy Sokari Goodboy, representing Ahoada West State Constituency, sponsored the bill. He expressed grave concern over the persistent rise in rental costs in Port Harcourt and its surrounding areas, stating that many landlords have taken advantage of the housing demand to impose exploitative rates on tenants. According to Hon. Goodboy, the passage of the bill will not only regulate rent prices but also reduce the financial pressure on residents who are already grappling with economic challenges.
"Tenants in Port Harcourt and its environs are experiencing an unjustifiable increase in rent, which has created undue hardship for many families," Hon. Goodboy said. "This bill seeks to introduce a framework that will protect renters from excessive charges, encourage fair real estate practices, and spur growth in the sector. By regulating the activities of landlords and estate developers, we aim to ensure that real estate becomes a viable avenue for economic development in Rivers State."
Adding his voice to the debate, Deputy Speaker Hon. Timothy Orubienimigha Adolphus, representing Opobo/Nkoro State Constituency, emphasized the need for enforceable penalties against estate owners who exploit tenants. He stressed that without strict measures, exploitation by unscrupulous landlords will continue unchecked.
"There must be disciplinary action against those who exploit innocent citizens," Hon. Adolphus said. "The rights of Rivers State residents who rent homes must be protected. Enforceable punitive measures are the only way to ensure that the people are not at the mercy of exploitative landlords."
Speaker of the House, Rt. Hon. Victor Oko-Jumbo, also lent his support to the bill, condemning the overbilling of tenants and the chaotic manner in which real estate activities are conducted. He highlighted that the unregulated nature of the real estate industry in the state has led to various issues, including irregular development and lack of standardization.
"The current situation in the real estate industry is far from acceptable," Rt. Hon. Oko-Jumbo said. "We need order and a system that ensures tenants are not overcharged, and real estate projects follow proper procedures and standards."
The Real Estate Regulatory Authority Bill successfully passed its second reading during the session and has been referred to the House Committee on Lands and Housing for further consideration.
If passed into law, this bill will not only curb exploitative practices but also provide a conducive environment for sustainable development in Rivers State’s real estate industry. By fostering transparency, accountability, and discipline, the legislation could become a key driver of economic growth while protecting residents from unfair housing costs.
