The Lagos State Government has moved against briefcase real estate agents and property developers by urging professionals in the built environment to be proactive in their activities.
The Special Adviser to Lagos State Governor on Housing, Mrs Toke Benson- Awoyinka, stated that real estate goes beyond just buying and selling of property, but also about provision of quality services to potential clients. She also advised stakeholders in the sector to leverage on the limitless opportunities in the value chain of the sector whilst urging residents to support the state government’s efforts to eliminate fraudulent practices in the industry by patronizing registered real estate practitioners and property developers in the state.
“We should not allow “briefcase” real estate agents/property developers and artisans take over the real estate sector at the detriment of professionals that abound across the state. With the judgment of the Federal High Court in Lagos on Monday, 22nd March, 2021, in favor of the Lagos State Government, the court affirmed the constitutionality of the state government and Lagos State Real Estate Regulatory Authority (LASRERA) to regulate the sector in the state. The Agency has legal right to sanitize the real estate sector for increased growth and more investment opportunities across the State,” she said.
Mrs Toke Benson- Awoyinka explained that the mega city status of the state necessitated the establishment of the Lagos State Real Estate Regulatory Authority (LASRERA) for the safety of residents, investors and protection of the interest of players in the real estate industry; adding that with LASRERA as the regulator, there would be maximum value and return on investment for investors in the industry.
According to her, LASRERA has helped in boosting the state government’s image, promoted the ease of doing business and also increased foreign direct investment for Lagos State in the real estate sector. The state’s real estate Sector will conform to global best practices in easing business for investors in the Diaspora and individuals with assurance of the safety of return on their investments in the state real estate sector. The Lagos State Government has the power to regulate the practice of real estate transactions within the state, just as LASRERA now has legal right to sanitize the real estate sector for increased growth and more investment opportunities across the State.
The special adviser, who described real estate as Lagos State’s gold, maintained that the sector must be protected, and public trust restored for the genuine practitioners to have a deep penetration of the real estate market.
Benson-Awoyinka disclosed that the administration of Mr Babajide Olusola Sanwo-Olu has worked towards increasing investor confidence and transparency by submitting a bill to the State Assembly to include the Foreclosure Clause in the Lagos State Mortgage Law for the protection of the residents in the real estate.
She also advised the practitioners in the real estate value chain to support government in making the sector viable and transparent for all local and international investors.