President, Nigerian Institution of Estate Surveyors and Valuers (NIESV), Dr. Bolarinde Patunola-Ajayi said that the development will make few people to invest in property as the new rate is higher than the cost of buying land in some locations.NIESV president, who dismissed call for the institution to increase its scale of fees, noted that such development would have dire consequence for the housing industry.
For the Second vice president, Nigerian Institute of Building, Mr. Kunle Awobodu, said that the institution is justified in increasing its fees as inflation has affected members of the built environment professionals. He disclosed that such fees will be pass on to the would-be subscribers of houses or landed property.
But, property developers under the aegis of Real Estate Developers Association of Nigeria (REDAN) are not allowing the matter to lie low. REDAN has engaged the services of a law firm and threatened to go court.
In a letter to the surveyors, counsel to REDAN, Ebun-Olu Adegboruwa, asked the surveyors to suspend the implementation of the proposed increment, in order to give room for further interaction and dialogue, with all stakeholders in the building industry.
REDAN also made a case that the increment will have a ripple effect on the cost of land as other professionals involved in the real estate business such as lawyers, architects, engineers, and town planners will also increase the cost of their own services, which will all be borne by the end users. “It will also rubbish the efforts of government towards achieving affordable housing.”
REDAN therefore appealed to the surveyors to convey a meeting of all stakeholders in order to discuss and agree on the best modality for any review of professional fees in land related matters.