LASRERA Seeks Support Of Law Enforcement Agency To Curb Real Estate Fraudulent Practices

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As a way of curbing the increasing rate of reported fraudulent cases in the real estate sector, the Lagos State Real Estate Regulatory Authority (LASRERA) has sought the partnership of relevant law enforcement agencies to address growing public concerns in the sector.

The Special Adviser to Lagos State Governor on Housing, Mrs. Toke Benson-Awoyinka, made this known during Real Estate Outlook 2023 organized by Nigerian British Chamber of Commerce, themed: Pitching your Tent post-2023 election, held at Lekki phase 1 on Wednesday.

According to her, LASRERA will be partnering with the Economic and Financial Crimes Commission, EFCC to make sure that the real estate industry is sanitized and made attractive to real estate investors, while also encouraging individuals and organizations to register with the agency.

Benson-Awoyinka told participants at the event, especially the law abiding real estate agents to team up with the agency by complying with the reviewed LASRERA Law.

He stated that the reviewed law will assist in gathering data for the State’s Real Estate investments such that investors/ investees would be able to operate under an atmosphere that promotes ease of doing businesses in line with the vision of the present administration of Sanwo-Olu.

She clarified that the real estate practitioners’ database being compiled by LASRERA was not meant for taxation purposes but for infrastructural development in line with international best practices in the real estate sector.

The Special Adviser said: “The value chains of this real estate system is yet unlocked in which job and wealth creations can be established with the training of young people to take the works of artisans in this sectors rather than employing those from neighbouring countries. This will assist in the creation of job opportunities for our young people and also add value to our currency.”

She encouraged those people involved in property Constructions to always engage insurance companies in order to safeguard investments of not those who died during construction works alone but people that had also invested their hard earnings in thatprojects too.

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