Lagos Govt Seek Residents’ Support To End Real Estate Fraudulent Practices

The Special Adviser to Lagos State Governor on Housing, Mrs Toke Benson- Awoyinka, has urged residents of the State to support State Government’s efforts to eliminate fraudulent practices in the Real Estate Industry by patronizing registered Real Estate Practitioners / Property Developers in the State.

Benson–Awoyinka made this appeal on Friday while reviewing the activities of Real Estate Practice in the State during a virtual interactive session with Thinkmint Nigeria.

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

While saying that Real Estate is not just about buying and selling properties alone 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 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.

She said that “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 the 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 the 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 and warned citizens of the consequences of patronizing unregistered real estate practitioners in the State. On the other hand, she advised the practitioners in the real estate value chain to support government in making the sector viable and transparent for all local and international investors.