CEM REPORT | The Lagos State Government has intensified its enforcement to ensure that real estate practitioners operating in state are duly registered.
Lagos State Real Estate Regulatory Authority (LASRERA) which is the enforcement unit of the state has moved its enforcement actions into various parts of the State on the ground that the exercise is in line with the authority’s mandate to regulate, sanitize and effectively monitor as well as eliminate fraudulent practices in the real estate sector.
Special Adviser to the Lagos State Governor on Housing, Mrs Toke Benson-Awoyinka, speaking before the commencement of the exercise, said that the initiative would be replicated across other divisions of the State as part of strategies by LASRERA to raise public awareness about the government’s efforts to sanitise the real estate sector.
She reiterated the State’s position on restricting the posting of banners on Residential and Commercial property by unregistered Real Estate Individuals/Organisations who can easily swindle unsuspecting members of the public of their earnings.
She further reiterated that displaying “To Let, To Lease, For Sale etc” as well as practicing real estate in any form by unregistered estate agencies remains an offence in the state adding that many members of the public have been defrauded in the past by imposters and fraudulent real estate practitioners.
The Special Adviser informed that the agency had earlier written letters to over one thousand Real Estate Individuals/Organisations in the State to honour the government’s call for regularisation of the sector, noting that the government cannot continue to fold its arms and condone irregularities that are capable of driving many genuine investors/investees away from the sector, just as it is increasing the market confidence of those in the diaspora to invest in the sector.
“Let me state clearly here that following the letters earlier delivered to practitioners across the State, only a few of these practitioners responded to the content of the letters, hence the need to embark on this enforcement and compliance exercise so that relevant stakeholders in the built sector and the general public can attach importance to the call by the Agency to sanitise real estate transactions in the State.’’
The Special Adviser who was represented by the Director, Enforcement Unit of LASRERA, Deji Badejo, assured all Lagos residents that the enforcement will be a continuous exercise until all practitioners in the Real Estate Sector of Lagos State are captured under LASRERA’s database in line with international best practices.
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Lagos State Government had in June 2020, announced a mandatory registration for real estate practitioners like house agents, property developers and professionals in the sector, with the state.
In effect to this the Lagos State Governor, Babajide Sanwo-Olu, approved the change of name of the government department, Lagos State Real Estate Transaction Department to Lagos State Real Estate Regulatory Authority (LASRERA) and through it 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.
Furthermore, the state government also 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.