Ayodele Olalere
In it’s to curtail activities of fraudulent estate practitioners, Lagos State Government, on Thursday, unveiled registration portal for the real estate sector.
The unveiling was done through the Lagos State Real Estate Regulatory Authority (LASRERA), at Oriental Hotel, Lekki.
The portal was unveiled during the Policy Roundtable Dialogue with key Stakeholders in the Real Estate Sector on International Best Practices, organised by LASRERA.
Governor Babajide Sanwo-Olu, while declaring open the event said the housing deficits, in Lagos State, in huge and urged private practitioners to play by the rules.
“The real estate can contribute 20 to 25% to the GDP. We need to have clear data where landlords would no longer be demanding one year rent ahead. Landlords should see how they can reduce yearly rent to monthly. The housing deficits in Lagos in huge and unacceptable but government can not do it alone. For estate practitioners, don’t give what you don’t have. You must ensure whatever you say they can hold you to it,” the governor said.
Mrs. Toke Benson–Awoyinka, the Special Adviser to the State Governor on Housing, said that the portal contained the databank of registered practitioners in the Real Estate sector, adding the agency’s regulatory role was to make it easy for potential customers wanting to either buy or sell property to do so from Licensed Real Estate Practitioners/ Property Developers without any fear.
She said that the agency had made this possible through the LASRERA’s Portal, where the data bank of registered practitioners in the Real Estate Sector are situated.
The Special Adviser called on stakeholders to make the portal more robust, such that it would serve as a platform that would facilitate foreign investment to the state.
She said that according to statistics, there were over 15 million Nigerians living in the Diaspora and who would want to invest in Nigeria Real Estate market.
”This huge number portends great prospect for the real estate sector and as such, no efforts should be spared in making the industry attractive and of international standard to these prospective clients.
”Apart from this, we need to allay the fears of international investors who are interested in purchasing properties in Nigeria, especially in Lagos State but have not been forthcoming due to perceived fraudulent practices in the sector.
”It is our belief that with the level of commitment that has been displayed by the present administration in the state in the Real Estate Sector, more investors would be attracted and the Property Market strengthened to improve best practices in terms of services rendered by the practitioners.
”The reason for always emphasising registration with the Real Estate Practitioners/Property Developers is to provide protection of citizens from imposters, fraudsters
”It is also to reduce sharp practices associated with some unauthorised individuals, who are not registered members of any association in Lagos State or Nigeria,” Benson–Awoyinka said.
She called on stakeholders to collaborate with the state government to eliminate the dubious individuals in the Real Estate industry.
According to her, there is the need to deal with them in accordance with relevant provisions of the State Law, through which integrity will be restored to the profession and international investment will increase for the state and Nigeria as a whole.
”This present administration will not fail in its social responsibility to the people and investors for adequate protection of lives, properties and investment.
”The LASRERA Portal will provide local and foreign investors the relevant data analytics for market transparency and intelligence that will help the growth and development of the Sector.
”It is, however, the expectation of government that the citizens reciprocate by performing their civic responsibility and obligation to Lagos State Government,” she said.