The Lagos State Real Estate Regulatory Authority (LASRERA) has disclosed that steps are being taken to curb fraudulent activities in the real estate sector in Lagos.
According to the Special Adviser to the Governor on Housing, Mrs Toke Benson-Awoyinka the laws and regulations are in line with the present administration’s efforts to promote the ease of doing business in the state, adding that the real estate industry has visible and invisible untapped opportunities that can positively impact on the businesses of estate agents and other investors in the industry.
She stated: “This event is organised to ensure that the policies of the Lagos State government for the real estate industry gains the confidence of real estate agents, with a view to curb fraudulent practices and deface negative and potentially risk in the industry.”
“As a government that cares about this profession, we will continue to ensure effective and conducive environment service delivery for real estate business and investments to thrive in Lagos State.
“Let me inform this gathering that the continuous rise in population, migration and demand for property from citizens home and abroad, will lead to an increase in the demand for accommodation, property investors and homeownership in Lagos State hence the need for all practitioners in this sector to rise up to this challenge and be ready to leverage on this fact.’’
“To achieve this, it would require the collaboration of all industry stakeholders including the real estate professionals, practitioners and property developers to boost the sector in the state,’’ she said.
The state’s Attorney-General and Commissioner for Justice, Moyosore Onigbanjo (SAN) said, “The new law was not intended to regulate the practitioners but to ensure that transactions in the Real Estate in Lagos State are captured including the investors and the agents.”
“The law becomes necessary in order to curb fraudulent practices in the real estate sector and also assure investors in the sector of a fair deal as a way of promoting ease of doing business in Lagos State. We are interested in securing the transaction of investors, provide necessary support for all relevant stakeholders in the real estate industry. The bill passed last month in July is awaiting the assent of the governor for the law to become effective.”