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Lagos Moves To Curb Fraudulent Activities In Real Estate Sector

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Lagos State Real Estate Regulatory Authority (LASRERA), on Tuesday said it is ready to curb fraudulent activities in the real estate sector with the right laws and regulations.

This is in line with the administration of Governor Babajide Sanwo-Olu’s T.H.E.M.E.S agenda of making Lagos State a 21st Century economy.

Special Adviser to Governor Sanwo-Olu on Housing, Mrs Toke Benson-Awoyinka made this known at a Stakeholders’ Forum with the theme: “Redefining Opportunities in Real Estate: Regulations and Expectations’’, organised by LASRERA.

According to her, ‘this event was organised to ensure that the policies of the state government for the real estate industry gains the confidence of stakeholders with a view to curb fraudulent practices, negative and potential risk in the industry.

“As a government that cares about this profession, we will continue to ensure effective and conclusive environment service delivery for real estate business and investments to thrive in Lagos State.

“Let me inform this gathering that the continuous rise in population, migration and demand for properties from citizens home and abroad, will lead to an increase in the demand for accommodation, property investors and homeownership in Lagos State hence the need for all practitioners in this sector to rise up to this challenge and be ready to leverage on this fact.

“The real estate industry has visible and invisible untapped opportunities that can positively impact on the businesses of Estate Agents and other investors in the industry.

“To achieve this, it would require the collaboration of all industry stakeholders including the real estate professionals, practitioners and property developers to boost the Sector in the State,” she said.

Keynote speaker at the event, Mr Gboyega Fatimilehin said countries with an existing regulatory framework for the real estate sector and its services are better able to attract investors.

This allows for a transparent and effective functioning of the sector and gives the regulators (or government) the financial and administrative independence to aid in the regulations which reassures investors.

Commissioner for Justice and Attorney General, Moyosore Onigbanjo said the LASRERA bill was passed by the Lagos House of Assembly in July and would soon be signed by Governor Sanwo-Olu.

Onigbanjo noted that the bill will eliminate fraudulent practices in the real estate sector and boost the confidence of investors in the Sector in the state.

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