The Lagos State Real Estate Regulatory Authority (LASRERA) has requested for the support of all practicing realtors to complement the state government’s efforts to improve the integrity of real estate development for the future of Lagos State, Nigeria, and potential investors/investees.
This appeal was made recently by the Special Adviser to Lagos State Governor on Housing, Mrs. Toke Benson-Awoyinka, at an event organised by the Association of Estate Agents in Nigeria, International Association of Realtor, held at Eko Hotel and Suites, Victoria Island Lagos.
Benson-Awoyinka, who was represented at the event by LASRERA’s Project Manager, Mrs Bolanle Asuquo stated that Real Estate Market, being a huge sector, demands that players in the sector must abide by laws that guide the practitioners, especially agents, to carry out their duties in a very professional manner.
Benson-Awoyinka noted that the fact that individuals/organizations are already registered with their relevant professional bodies should not be the reason why they would disregard the provisions of laws guiding real estate practice in the State.
While alluding to the fact that there are core professional real estate practitioners in Lagos, the Special Adviser maintained that many people have encroached into the profession because of the belief that the real estate sector is the best market sector that promotes ease of doing business.
She said, “In developed countries, becoming a realtor requires a license, but in Nigeria, anyone can become an agent at any time. This unfortunate situation had led to potential renters/buyers being swindled and deceived by unscrupulous individuals/organizations.’’
She mentioned that the intervention of the State Government in the real estate sector was to eliminate the incidences of fraudulent practices by some unscrupulous persons because of the reported cases.
Benson-Awoyinka said that LASRERA is to monitor and collate a database of all practicing real estate individuals or organisations operating in Business Transactions in the State’s Real Estate sector to strengthen and conform to global standards in the industry.
For the record: Recall that in May 2021, the Lagos State Government moved to regulate real estate practice in the state with the inauguration of a 16-man Technical Committee on Real Estate Regulation to facilitate the restoration of investors’ and public confidence in the Lagos State real estate sector.
The committee’s mandate is to design a policy and fiscal framework to institute and promote global best practices in the sector.
At the inaugural meeting of members of the Committee, Mrs Toke Benson-Awoyinka said that one of the lessons from the outbreak of Covid-19 was the need to create and develop a robust housing policy with stakeholder involvement and engagement, as well as curtail malpractices in the real estate sector, while also improving financial transparency and fiscal responsibility.
