The Lagos State government under the Ministry of housing has unveiled a unified central database for real estate practitioners to promote credibility in the industry. This is evident in its name, Lagos State Real Estate Regulatory Authority (LASRERA), formerly Lagos State Real Estate Transaction Department.
According to the Special Adviser to the Governor on Housing, Mrs. Toke Benson-Awoyinka the change in the name also upgraded the former department to a full agency that would be supervised by her office.
While unveiling the Agency’s Logo and formally launched a Website/ Registration Portal database of credible Real Estate Practitioners, the special adviser to the Governor said it was to provide, develop, continuously capture and update a Unified Central Database of Real Estate Practitioners and their activities within the state
Benson-Awoyinka said this was to enable residents keep abreast of the importance of patronising registered Real Estate Practitioners and Property Developers.
She however warned that the era of people involved in estate business defrauding members of the public is over in the state, saying that the state was poised to prosecute whoever was found engaged in such fraudulent activities.
This was just as it disclosed that hundreds of reported cases of alleged frauds involving those in real estate business were currently being addressed across the state.
Benson- Awoyinka said the agency also had as part of its mandate to identify persons eligible to be licensed as Estate Agents and Renew Licenses annually, and maintain a register of licensed Estate Agents and sanction unlicensed Estate Agency Practitioners in the state.
“We are well aware of the trend of fraudulent practices of some Real Estate Agents/Property Developers. This is reflected in the complaints received by the Agency in recent times. Many residents have fallen victim to fake Real Estate Practitioners/Property Developers while seeking for accommodation, purchasing/ selling of properties.
“Lagos state has worked tirelessly over the years to curb the increasing fraudulent practices in this sector and this explains the need to sanitise the industry.”
She stressed that in line with the T.H.E.M.E Agenda of the Lagos State Government on improving Technology Infrastructure, the unveiled Website, Social Media handles and Registration Portal will enhance effective management and communication amongst the Stakeholders.
