Babajide Odusolu, CEO of Octo5 Holdings, has said Land Use Act is archaic.
He said this at the 15th edition of the Abuja International Housing Show, on Wednesday.
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Odusolu said the adoption of technology in real estate has become an emerging trend that would create flexibility in homeownership for low-income earners.
He disclosed that Certificate of Occupancy will be irrelevant to homeowners with Property Technology (PropTech) as a digitized database of title ownership will be the norm.
“With state government still fighting to keep the Land Use Act, which is archaic, technology is moving to the point where the act will be irrelevant because the land title gotten by developers through a secure means will be distributed to those under him and they won’t go back for perfection.”
The President, Nigeria Proptech Association, Ronald Iginoba, said Propcrowdy will democratize the housing sector as low-income earners can invest in real estate with the little they afford.
