Lagos Govt. Seeks Residents’ Support To End Fraudulent Practices In Real Estate

Lagos Govt. Seeks Residents’ Support To End Fraudulent Practices In Real Estate

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/Property Developers.

Benson-Awoyinka made the appeal on Friday while reviewing the activities of Real Estate Practice in the State during an online interview session with Thinkmint Nigeria – a marketing and communications company.

“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”, the Special Adviser said.

While noting that Real Estate is not just about buying and selling property alone but also about the provision of quality services to potential clients, she advised stakeholders in the sector to leverage on 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, 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.

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.

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.

Her words: “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”.

Disclosing that the administration of Mr. Babajide Olusola Sanwo-Olu has worked towards increasing investor confidence and transparency in the sector, the Special Adviser revealed that a bill has been submitted to the State Assembly for inclusion of the Foreclosure Clause in the Lagos State Mortgage Law for the protection of the residents in the Real Estate.

She said that the State’s Real Estate Sector will conform with global best practices in easing business for investors in the Diaspora and Individuals with the assurance of the safety of return on their investments in the State Real Estate Sector.

While appealing to the society at large to support all government initiatives in sanitising the sector, the Special Adviser warned citizens of the consequences of patronising unregistered real estate practitioners in the State.

She also advised the practitioners in the real estate value chain to support the government in making the sector viable and transparent for all local and international investors.

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