LAGOS STATE REAL REGULATORY AUTHORITY, REAL ESTATE DEVELOPERS STRENGTHEN TIES AGAINST FRAUD

Lagos State Real Regulatory Authority, LASRERA  and Real Estate Developers have met to strengthen ties against fraudulent activities in the sector.

Adeoti Sobowale, the agency’s Assistant Director, Public Affairs, says the desire is “To sanitize the operations of real estate market.”

Continuing, Sobowale said  the   Special Adviser to Lagos Governor on Housing, Mrs Toke Benson-Awoyinka, on Thursday, met Real Estate Developers. The meeting with the Chief Executives “ Was to seek their buy-in into the implementation of LASRERA mandate.

According to her, the meeting held at Georges Hotel, Ikoyi. Deliberations centred on housing sector being one of the components of Sanwo-Olu’s administration.

She added that the governor is committed to achieving a Lagos State 21st Century Economy. The success of that vision depends largely on eradicating the increasing menace of fraudulent practices in the Real Estate Sector.

TACKLING FRAUD

 Awoyinka  further disclosed that  the need to tackle several fraudulent activities practices within the Real Estate Sector necessitated the upgrading of the Department under the Ministry of Housing to an Agency, Lagos State Real Regulatory Authority (LASRERA).

She stated that the Real Estate Regulatory Authority Bill is before Lagos State House of Assembly for review. She stressed  that  Stakeholders in the Industry will be invited for their contributions into the bill at the appropriate time.

The Special Adviser noted that Real Estate fraudulent practices have discouraged genuine investors in the industry especially from overseas.  

 She acknowledged the pivotal roles of Developers in facilitating business relationships amongst buyers, sellers, leasing and renting of landed property.

‘’Bringing prospective buyers and sellers of  properties together and managing their expectations is not a lean task. Reaching amicable agreement contributes in no small measure to economic growth and development of Lagos State. She stated.

The Special Adviser however, urged developers to work with the Agency.

This, to her, would stimulate integrity and reputation of the property market. “That  is the vision of the State Government and the passion of Mr. Babajide Sanwo-Olu for the housing sector.”

 She maintained that the Real Estate is the Oil of Lagos State and there are greater opportunities in the Industry. But there must be confident and trust of clients during business transactions.

“Every Practitioner should register with LASRERA to assist the Agency in building a database for practitioners. This would enable public accessibility for renting, buying and selling of property,” she said.