LASRERA Partners CDAs To Reduce Real Estate Transaction Fees In Lagos

The Lagos State Real Estate Regulatory Authority (LASRERA) said at the weekend that it has partnered with the Chairmen of Community Development Associations(CDAs) and Community Development Committees (CDCs)of the 57 local governments and local council development associations across the state to reduce the rising cost of housing transactions caused by arbitrary hikes in agency and legal fees charged for real estate transactions in the state.

The state’s commissioner for Housing, Hon. Maruf Akinderu Fatai, stated this during the meeting with the Community Development Associations and Community Development Committee Chairmen of the 57 LGAs/LCDAs.

He explained that the initiative is designed to regulate and reduce agency and legal fees charged by real estate practitioners, easing the burden on residents and promoting transparency in property transactions.

“The aim of this collaboration is not only to reduce the exorbitant fees being charged by some property agents, but to bring sanity to the built sector and make life easier for the average Lagosian. Housing is a basic necessity, and we are committed to ensuring it is accessible and affordable,” he said.

Also addressing the gathering, the Special Adviser to the Governor on Housing, Hon. Barakat Odunuga-Bakare, emphasised that, “Agency fees must be between zero and ten per cent — not more. Anything beyond that is unacceptable and exploitative. The Lagos State Government’s ultimate goal is to achieve monthly house rent payment, and we are working tirelessly toward this reality.”

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Hon. Odunuga-Bakare also urged Lagos residents to only patronize agents and developers duly registered with LASRERA, adding, “We want members of the public to understand that doing business with unregistered agents poses serious risks. LASRERA protects tenants and landlords, and we will not relent in our effort to restore sanity to the built sector.

‘’The collaboration with the Chairmen of Community Development Associations and Community Development Committees of the 57 LGAs/LCDAs is a significant step in extending LASRERA’s regulatory oversight to the grassroots, where most housing transactions occur.

‘’It also reflects the government’s commitment to fair and affordable housing practices in all parts of the state. Members of the public are encouraged to visit the LASRERA website to verify the registration status of property agents and file complaints against defaulters.’’