Lagos strikes in opposition to ‘briefcase’ actual property brokers, builders, to guard professionals

Nigeria’s real estate industry attracts foreign investors, Real Estate: Still not out of the woods

The Lagos State Authorities has moved in opposition to briefcase actual property brokers/property builders and artisans saying it won’t enable them to take over the actual property sector to the detriment of execs within the state.

That is because the state authorities has urged Lagosians to help its efforts to remove fraudulent practices within the Actual Property Business by patronising registered Actual Property Practitioners/Property Builders.

The Particular Adviser to the Lagos State Governor on Housing, Mrs Toke Benson-Awoyinka made this identified on Friday, March 26, 2020, whereas reviewing Actual Property apply within the state throughout an internet interview session with Thinkmint Nigeria – a advertising and communications firm.

READ: Lagos strikes in opposition to estates with out structure approvals, to start enforcement

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

Benson-Awoyinka in her assertion stated, “We should always not enable ‘briefcase’ Actual Property Brokers/Property Builders and Artisans take over the Actual Property Sector to the detriment of execs that abound throughout the State.’’

Whereas noting that Actual Property shouldn’t be solely about shopping for and promoting properties but in addition in regards to the provision of high quality providers to potential shoppers, she suggested stakeholders within the sector to leverage the limitless alternatives within the worth chain of the sector.

The Particular Adviser said that the Mega Metropolis Standing of the State necessitated the institution of the Lagos State Actual Property Regulatory Authority (LASRERA) for the security of residents and buyers, and the safety of the curiosity of gamers within the Actual Property business, including that with the Company because the regulator, there can be most worth and Return On Funding for buyers within the business.

READ: Nightclub house owners in Lagos attraction to authorities to permit secure reopening

Benson-Awoyinka who described Actual Property as Lagos State’s goldmine maintained that the sector should be protected and public belief restored for the real practitioners to have a deep penetration of the Actual Property Market.

She stated, “With the judgment of the Federal Excessive Courtroom in Lagos on Monday, twenty second March 2021, which affirmed the constitutionality of the Lagos State Authorities, by way of Lagos State Actual Property Regulatory Authority (LASRERA), to control the sector within the State, the Company has authorized proper to sanitise the actual property sector for elevated development and extra funding alternatives throughout the State.’’

She additionally revealed {that a} invoice has been despatched to the State Meeting for inclusion of the Foreclosures Clause within the Lagos State Mortgage Regulation. That is a part of the governor’s efforts at growing investor confidence and transparency within the sector.

READ: Lagos to execute improvement plans in Lekki, others, requires expression of curiosity

What it’s best to know

  • It may be recalled that in a bid to sanitize the actual property sector, the Lagos state authorities, in June 2020, introduced a compulsory registration for actual property practitioners like home brokers, property builders and professionals within the sector, with the state.
  • The state authorities by way of the Lagos State Actual Property Regulatory Authority (LASRERA), launched a web site and registration database for actual property practitioners in Lagos State as a part of efforts to checkmate the actions of fraudsters within the sector.
  • The State Governor, Babajide Sanwo-Olu, had accredited the change of title of the federal government division, from Lagos State Actual Property Transaction Division to Lagos State Actual Property Regulatory Authority (LASRERA).
  • The state authorities additionally not too long ago enacted a Regulation, Lagos State Actual Property Transaction Regulatory Authority Regulation, which is able to curb actions of unscrupulous actual property brokers and people who pose as property builders to rip-off buyers.
  • Though, the division has now been upgraded to an company known as Lagos State Actual Property Regulatory Authority (LASRERA). The regulatory company will coordinate, monitor and regulate the actions of practitioners in the actual property enterprise in Lagos.


Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts