The Lagos State Government through the enforcement unit of Lagos State Real Estate Regulatory Authority (LASRERA) has intensified its enforcement drive to various parts of the state to ensure that real estate practitioners operating in Lagos are duly registered.
The exercise is in line with the authority’s mandate to regulate, sanitize and effectively monitor as well as eliminate fraudulent practices in the real estate sector.
This was made known on Thursday by the Special Adviser to the Lagos State Governor on Housing, Mrs Toke Benson-Awoyinka, while speaking before the commencement of the exercise, saying that the initiative would be replicated across other divisions of the State as part of strategies by LASRERA to raise public awareness about the government’s efforts to sanitise the real estate sector.
An offence to display banner on any property without registration
Benson-Awoyinka in his explanation reiterated that it is an offence to practice real estate in any form, including those displaying “To Let, To Lease, For Sale etc” in their offices or on a property, without being duly registered with the agency.
The Special Adviser who was represented by the Director, Enforcement Unit of LASRERA, Mr. Deji Badejo, stated that there is a need to restrict the posting of banners on Residential and Commercial property by unregistered Real Estate Individuals/Organisations who can easily swindle unsuspecting members of the public of their earnings.
She added that many members of the public have been defrauded in the past by imposters and fraudulent real estate practitioners, stressing that the government cannot continue to fold its arms and condone irregularities that are capable of driving many genuine investors/investees away from the sector.
The Special Adviser informed that the agency had earlier written letters to over 1000 Real Estate Individuals/Organisations in the State to honour the government’s call for regularisation of the sector, just as it is increasing the market confidence of those in the diaspora to invest in the sector.
she said, “Let me state clearly here that following the letters earlier delivered to practitioners across the State, only a few of these practitioners responded to the content of the letters, hence the need to embark on this enforcement and compliance exercise so that relevant stakeholders in the built sector and the general public can attach importance to the call by the Agency to sanitise real estate transactions in the State.’’
Mrs. Benson-Awoyinka assured all Lagos residents that the enforcement drive will be a continuous exercise until all practitioners in the Real Estate Sector of Lagos State are captured under LASRERA’s database in line with international best practices.
What you should know
- Recall that the Lagos state government, in June 2020, announced a mandatory registration for real estate practitioners like house agents, property developers and professionals in the sector, with the state.
- The state government through the Lagos State Real Estate Regulatory Authority (LASRERA), launched a website and registration database for real estate practitioners in Lagos State as part of efforts to checkmate the activities of fraudsters in the sector.
- The Lagos State Governor, Babajide Sanwo-Olu, had approved the change of name of the government department, from Lagos State Real Estate Transaction Department to Lagos State Real Estate Regulatory Authority (LASRERA).
- The state government also recently enacted a Law, Lagos State Real Estate Transaction Regulatory Authority Law, which will curb activities of unscrupulous real estate agents and those who pose as estate developers to scam investors.