Governor Babajide Sanwo-Olu and Special Adviser to Lagos State Governor on Housing, Mrs. Toke Benson-Awoyinka during the Policy Roundtable Dialogue with Mr Governor for Stakeholders in Real Estate, at Oriental Hotel, Lagos.

Special Adviser to the Governor of Lagos on Housing, Mrs Toke Benson-Awoyinka has explained the reason the state government held stakeholders’ forum for real estate practitioners in the state.

She spoke at the Policy Roundtable organised by the Lagos State Real Estate Regulatory Authority, ( LASRERA) with key stakeholders in the real estate sector.

Benson- Awoyinka noted that the stakeholders’ forum was in recognition of the importance which the state government attached to the involvement of stakeholders in the property market, especially as it related to decision making process.

She said the LASRERA portal is a bank where registered practitioners in the real estate sector were stored and could be easily accessed by anyone.

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Benson-Awoyinka  noted that this would reduce the activities of fraudulent practitioners as the agency would not compromise on making sure due process was followed in the registration process.

According to her “The reason for always emphasizing registration with the real estate practitioners/property developers is to provide protection for citizens from imposters, fraudsters and reduce sharp practices associated with some unauthorized individuals who are not registered members of any association in Lagos State or Nigeria.”

Benson-Awoyinka also stated that the LASRERA portal would help to maintain a cordial relationship between the agency and real estate practitioners in line with global best practices.

She stated that this would make it easier for potential customers who were willing to either buy or sell property to do so without any fear as they were dealing with licensed practitioners.

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The Special Adviser said the portal was in accordance with the T.H.E.M.E.S agenda of the present administration which is “Making Lagos a 21st Century Economy”, noting that the portal would not fail in its responsibility to the people and investors for adequate protection of lives, properties and investment.

Speaking at the event, Governor Babajide Sanwo-Olu charged practitioners in the real estate sector to ensure that international best practices were observed in order attract direct/ indirect investment from foreign countries to the State.

He emphasised the need to create a home ownership model that would help address the deficits observed in housing market in the State.

Sanwo-Olu said the state government was ready to bridge the gap by partnering the private sector and working with stakeholders to ensure people have access to viable home services.

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He also disclosed that there would be introduction of legislations that would help curb bad behaviours among tenants and property owners.

The Commissioner for Finance, Dr Rabiu Olowo, who spoke on financial Transparency and Governance in the Real Estate Development, stated that the state government recognised the role which a transparent Real Estate industry would play in creating a competitive, efficient and flexible business environment for business in the State.

In his word, “Transparency becomes a fundamental factor in the efficient functioning of Real Estate Market,,because it will facilitate decision making and coordinates the actions of Market participants.”