REDAN urges developers to end silo operations, embrace collaboration
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The Real Estate Developers Association of Nigeria has urged property developers to move away from isolated operations and strengthen collaboration to improve industry performance and cut construction costs.
The Real Estate Developers Association of Nigeria (REDAN) has urged property developers across the country to move away from isolated operations and strengthen collaboration to improve the performance of the real estate industry.
REDAN President, Oba Adeoye, made the call at a one-day summit for real estate developers in the North-Central Zone in Abuja. The summit, themed "Collaborate to Consolidate", focused on improving cooperation and knowledge-sharing among developers and strengthening the association's ability to address industry challenges.
Adeoye said developers already possess expertise across land acquisition, construction, project management, finance, planning, sales, affordable housing, government relations, community engagement and technology. He said the challenge is not a lack of professional expertise but the inability to effectively connect and use the knowledge available among members.
He highlighted land acquisition as an area where greater cooperation could benefit developers, adding that solutions developed by one state chapter should be shared with other chapters facing similar challenges. He also pointed to the financial benefits of collective action, saying developers could achieve better prices when they negotiate or purchase materials collectively through economies of scale.
At the summit, REDAN National Vice President for the North-Central Zone, Osilama Osilama, called on the Federal Government to take measures to reduce the cost of cement and iron rods, saying rising prices of the two materials were making it increasingly difficult for developers to provide affordable housing. He recommended liberalising the markets through additional import licences and new manufacturers, and the removal of taxes on the materials.
National President and Chairman of Council of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Bature Muhammad, also encouraged developers and investors to structure partnerships properly, saying successful real estate development requires a combination of land, capital, expertise, technology and market knowledge.