Lagos seeks residents support to end real estate fraudulent practices

Lagos State residents have been urged to support the State Government’s efforts to eliminate fraudulent practices in the Real Estate Industry by patronising registered Real Estate Practitioners and Property Developers.

The Special Adviser to the State Governor on Housing, Mrs Toke Benson- Awoyinka made this appeal while reviewing the activities of Real Estate Practice in the State during an online interactive session with Thinkmint Nigeria.

“We should not allow “briefcase” Real Estate Agents or Property Developers and Artisans take over the Real Estate Sector at the detriment of professionals that abound across the State, “ the Special Adviser said.

Quality services
She stressed that Real Estate was not just about buying and selling properties but also about provision of quality services to potential clients.

Benson-Awoyinka 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.

She said with LASRERA 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.

The Special Adviser who described Real Estate as Lagos State’s Gold mine, 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.

Constitutional backup
She said,  “with the judgment of the Federal High Court in Lagos on Monday, 22nd March, 2021, in favour of the Lagos State Government,  the  Court affirmed the constitutionality of the State Government and Lagos State Real Estate Regulatory Authority (LASRERA) to regulate the Sector in the State. 

She said that with the affirmation, the Lagos State Government has the power to regulate the practice of Real Estate Transactions within the State,  just as LASRERA now has legal right to sanitize the real estate sector for increased growth and more investment opportunities across the State.

Benson-Awoyinka disclosed that the administration of Mr. Babajide Olusola Sanwo-Olu has worked towards increasing investor confidence and transparency by submitting a bill to the State Assembly to include 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 assurance of the safety of return on  their investments in the State Real Estate Sector.

She however appealed to the society at large to support all government initiatives in sanitizing the sector and warned citizens of the consequences of patronizing unregistered real estate practitioners in the State.

Confidence Okwuchi