LASRERA parleys real estate developers to curb fraudulent practices

Mrs. Toke Benson-Awoyinka
Mrs. Toke Benson-Awoyinka

In order to sanitize and Strengthen operations of the Real Estate Market, the Special Adviser to the Lagos State Governor on Housing, Mrs. Toke Benson-Awoyinka on Thursday met with Chief Executive Directors of Real Estate Developers in the State to seek their buy-in into the implementation of the mandate of the Agency.

The meeting which was held at The George Hotel, Ikoyi, was to deliberate on the housing sector being one of the components of the administration of Governor Babajide Sanwo-Olu in achieving a Lagos State 21st Century Economy and also to curb the rate of reported and increasing cases of fraudulent practices in the Real Estate Sector across the State.

She said the need to tackle several fraudulent practices within the Real Estate Sector necessitated the upgrading of the Department under the Ministry of Housing to an Agency, Lagos State Real Regulatory Authority (LASRERA).

Mrs. Benson-Awoyinka stated that currently, the Real Estate Regulatory Authority Bill is before Lagos State House of Assembly for review, stressing that the stakeholders in the industry would be invited for their contributions into the bill at the appropriate time.

The Special Adviser said that the acts of fraudulent practices by some Real Estate Developers in the State has discouraged genuine investors in the industry, especially from outside the Country.

She acknowledged the fact that Chief Executive Officers of Companies play important roles in Lagos, especially in facilitating business relationships between people selling or buying, leasing or renting of landed property.

“Bringing prospective buyers and sellers of properties together and managing their expectations, thereby making both parties come into agreement during the transaction processes being carried out, while contributing in no small measure to the economic growth and development of Lagos State,” she stated.

The Special Adviser said, the Real Estate Developers must work with the Agency to enhance the integrity and reputation of the property market which is the vision of the state government and the passion of Mr. Babajide Sanwo-Olu for the housing sector.

Benson- Awoyinka appealed to the Real Estate Developers in the State to join hands with LASRERA to curb fraudulent and sharp practices perpetrated by some unscrupulous people in the Sector.

“Every Real Estate Practitioner / Property Developer should register with the Lagos State Real Estate Regulatory Authority LASRERA to assist the Agency in building a robust database for practitioners in the Sector and accessibility by members of the public who would want to engage their services in renting, buying and selling of property,” the Special Adviser reiterated.

In response, the developers pleaded with government on the need to provide complementary infrastructure being roads and electricity, to mention a few, in order to reduce the cost of developments while making it more affordable and accessible to the people.