The Lagos State Government through the Lagos State Real Estate Regulatory Authority (LASERA) has moved to curb the increasing rate of reported fraudulent cases in the real estate sector as they seek collaboration with relevant law enforcement agencies to address growing public concerns in the sector.
This was made known by the Special Adviser to the Lagos State Governor on Housing, Mrs. Toke Benson-Awoyinka, during a Real Estate Outlook 2023 forum organised by the Nigerian British Chamber of Commerce, themed: “Pitching Your Tent Post-2023 Election”, held at Lekki Phase I, Lagos.
Lagos to partner with EFCC
Benson-Awoyinka said LASRERA will be partnering with the Economic and Financial Crimes Commission (EFCC) to make sure that the real estate industry is sanitised and made attractive to real estate investors, while also encouraging individuals and organisations to register with the agency.
Benson-Awoyinka told participants at the event to team up with the agency by complying with the reviewed LASRERA Law.
She stated that the reviewed law will assist in gathering data for the State’s Real Estate investments such that investors/investees would be able to operate under an atmosphere that promotes ease of doing business in line with the vision of the present administration of Governor Babajide Sanwo-Olu.
She clarified that the real estate practitioners’ database being compiled by LASRERA was not meant for taxation purposes but for infrastructural development in line with international best practices in the real estate sector.
The Special Adviser said, “The value chains of this real estate system are yet to be unlocked in which job and wealth creations can be established with the training of young people to take the works of artisans in the sector rather than employing those from neighbouring countries. This will assist in the creation of job opportunities for our young people and also add value to our currency.’’
She encouraged those involved in property construction to always engage insurance companies to safeguard investments of not only those who died during construction works but also people that had invested in the projects too.
For the record
- In a related development, LASRERE had earlier in January 2023 as part of the moves to eliminate quacks in the real estate sector, asked for the support of all practicing realtors to complement the state government’s efforts to improve the integrity of real estate development for the future of Lagos state and potential investors/investees.
- The Lagos State Government had stated that the real estate market being a huge sector, demands that players in the sector must abide by laws guiding practitioners, especially agents to carry out their duties in a very professional manner.
