Home Features Sanwo-Olu Harps on Best Practice for Real Estate Sector

Sanwo-Olu Harps on Best Practice for Real Estate Sector


Governor Babajide Sanwo-Olu on Thursday charged practitioners in the real estate sector to ensure that international best practices are observed in order to attract direct/ indirect investment from foreign countries to the State.

He emphasised the need to create a homeownership model that will help address the deficits observed in the housing market in the State.

The Governor stated this during a Policy Roundtable organised by the Lagos State Real Estate Regulatory Authority(LASRERA), with key stakeholders in the real estate sector.

He 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.

Sanwo-Olu also disclosed that there would be the introduction of legislation that would help curb bad behaviours among tenants and property owners.

The Policy forum organised by the Agency is to ensure that sanity is brought to the real estate sector in the State, as they are key drivers to the actualisation of the T.H.E.M.E.S Agenda of the present administration.

The Governor noted that apart from facilitating business relationships between people, the Sector also contributes in no small measure to the State’s GDP through their activities, hence the determination of his administration to provide the right ambience for the practice of real estate.

According to the Governor: “This Present Administration intends to make the Real Estate Market the best in adhering with international practices in terms of Real Estate Regulations. A Sector that conforms with global practices, where Real Estate professionals will see the profession as an avenue of contributing continuous investment to the economy of the State Government through the Sector.”

Governor Sanwo-Olu, therefore, implored real estate practitioners to support the State Government in its drive to bring sanity to the property sector by salvaging the present situation within the profession and provide the best service to prospective accommodation seekers within and outside the country.

The Special Adviser to the Lagos State Governor on housing, Mrs Toke Benson- Awoyinka while addressing participants at the event noted that the stakeholders’ forum is in recognition of the importance which the State Government attaches to the involvement of stakeholders in the property market especially as it relates to the decision-making process.

The Special Adviser noted that the LASRERA portal is a bank, where registered practitioners in the real estate sector are stored and can be easily accessed by anyone noting that, this will reduce the activities of fraudulent practitioners as the Agency would not compromise on making sure due process is 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 will help to maintain a cordial relationship between the agency and real estate practitioners in line with global best practices.

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

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

The Commissioner for Finance, Dr Rabiu Olowo, who spoke on financial Transparency and Governance in the Real Estate Development, stated that the State Government recognizes 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.

Attorney General and Commissioner for Justice, Mr Moyosore Onigbanjo(SAN), Spoke on sensitizing the public on the Regulatory role of the Lagos State Real Estate Regulatory Authority (LASRERA), which he said it is very important to the enforcement of laws and regulations on the Real Estate Sector in the State. He said that the Law which is being reviewed by the State Government will standardize and sanitize Real Estate Business in the State and also protect investors while boosting Market confidence in the Sector.

The Chairman, REDAN, Lagos Branch, Mr Bamidele Onalaja who spoke on On/Off-plan Development, said that the initiative of Lagos State Government creating Lagos State Estate Regulatory Authority (LASRERA) will regulate the Built Sector in the development process of the Real Estate Industry.

He said that Real Estate Developers should follow the approved building plan from the State Government to avoid risks. He also appreciated the State Government for identifying with the Real Estate Sector in the State.

Another, speaker at the Event is the Founder, Pison Housing Company, Dr Roland Igbinoba spoke on collating data on Property Transactions, he observed that real estate data must be collated for public investment. He emphasized that investors in the sector need to have the necessary data to enhance investment.



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