The Lagos State Government has moved against briefcase real estate agents/property developers and artisans saying it will not allow them to take over the real estate sector to the detriment of professionals in the state.

This is as the state government has urged Lagosians to support its efforts to eliminate fraudulent practices in the Real Estate Industry by patronising registered Real Estate Practitioners/Property Developers.

The Special Adviser to the Lagos State Governor on Housing, Mrs Toke Benson-Awoyinka made this known on Friday, March 26, 2020, while reviewing Real Estate practice in the state during an online interview session with Thinkmint Nigeria – a marketing and communications company.

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What the Special Adviser to the Lagos State Governor on Housing is saying

Benson-Awoyinka in her statement said, “We should not allow ‘briefcase’ Real Estate Agents/Property Developers and Artisans take over the Real Estate Sector to the detriment of professionals that abound across the State.’’

While noting that Real Estate is not only about buying and selling properties but also about the provision of quality services to potential clients, she advised stakeholders in the sector to leverage the limitless opportunities in the value chain of the sector.

The Special Adviser stated 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 and investors, and the protection of the interest of players in the Real Estate industry, adding that with the Agency as the regulator, there would be maximum value and Return On Investment for investors in the industry.

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Benson-Awoyinka who described Real Estate as Lagos State’s goldmine 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.

She said, “With the judgment of the Federal High Court in Lagos on Monday, 22nd March 2021, which affirmed the constitutionality of the Lagos State Government, through Lagos State Real Estate Regulatory Authority (LASRERA), to regulate the sector in the State, the Agency has legal right to sanitise the real estate sector for increased growth and more investment opportunities across the State.’’

She also revealed that a bill has been sent to the State Assembly for inclusion of the Foreclosure Clause in the Lagos State Mortgage Law. This is part of the governor’s efforts at increasing investor confidence and transparency in the sector.

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What you should know

• It can be recalled that in a bid to sanitize the real estate sector, the Lagos state government, in June 2020, announced a mandatory registration for real estate practitioners like house agents, property developers and professionals in the sector, with the state.
• The state government through the Lagos State Real Estate Regulatory Authority (LASRERA), launched a website and registration database for real estate practitioners in Lagos State as part of efforts to checkmate the activities of fraudsters in the sector.
• The State Governor, Babajide Sanwo-Olu, had approved the change of name of the government department, from Lagos State Real Estate Transaction Department to Lagos State Real Estate Regulatory Authority (LASRERA).
• The state government also recently enacted a Law, Lagos State Real Estate Transaction Regulatory Authority Law, which will curb activities of unscrupulous real estate agents and those who pose as estate developers to scam investors.
• Although, the department has now been upgraded to an agency called Lagos State Real Estate Regulatory Authority (LASRERA). The regulatory agency will coordinate, monitor and regulate the activities of practitioners in the real estate business in Lagos.

The Special Adviser to the Lagos State Governor on Housing, Mrs. Toke Benson-Awoyinka, has urged residents of the State to support the State Government's efforts to eliminate fraudulent practices in the Real Estate Industry by patronising registered Real Estate Practitioners.

— The Lagos State Govt (@followlasg) March 26, 2021