Lagos State Real Estate Regulatory Authority (LASRERA) has said stringent regulations are being considered to curb fraudulent activities in the real estate sector in the state.
The Special Adviser to the Governor on Housing, Mrs Toke Benson-Awoyinka made this known at a Stakeholders’ Forum with the theme: “Redefining Opportunities in Real Estate – Regulations and Expectations,’ organised by LASRERA. She said the laws and regulations are in line with the present administration’s efforts to promote the ease of doing business in the state
According to her, “This event is organised to ensure that the policies of the Lagos State government for the real estate industry gains the confidence of real estate agents, with a view to curb fraudulent practices and deface negative and potentially risk in the industry.
“As a government that cares about this profession, we will continue to ensure effective and conducive environment service delivery for real estate business and investments to thrive in Lagos State.
“Let me inform this gathering that the continuous rise in population, migration and demand for property from citizens home and abroad, will lead to an increase in the demand for accommodation, property investors and homeownership in Lagos State hence the need for all practitioners in this sector to rise up to this challenge and be ready to leverage on this fact.’’
According to her, the real estate industry has visible and invisible untapped opportunities that can positively impact on the businesses of estate agents and other investors in the industry.
“To achieve this, it would require the collaboration of all industry stakeholders including the real estate professionals, practitioners and property developers to boost the sector in the state,’’ she said.
The founding partner of Diya Fatimilehin and Co, Mr. Gboyega Fatimilehin, whose keynote address dwelt on real estate regulation as it affects estate agencies, said countries with an existing regulatory framework for the sector and its services are able to attract investors.
He said such regulation allows for a transparent and effective functioning of the sector and gives the regulators or government the financial and administrative independence to aid in the regulations which reassures investors.
Fatimilehin said, “A well-regulated, fully functioning, and transparent real estate market can be a very important factor in the growth of a nation’s economy. A market that is settled, predictable and trusted can experience high levels of growth and investment. The data that becomes available through a greater degree of transparency will also help related segments of the market including banks and insurance; the mortgage finance sector will also benefit greatly.’’
The state’s Attorney-General and Commissioner for Justice, Moyosore Onigbanjo (SAN) said, “The new law was not intended to regulate the practitioners but to ensure that transactions in the Real Estate in Lagos State are captured including the investors and the agents.
“The law becomes necessary in order to curb fraudulent practices in the real estate sector and also assure investors in the sector of a fair deal as a way of promoting ease of doing business in Lagos State.’’
“We are interested in securing the transaction of investors, provide necessary support for all relevant stakeholders in the real estate industry. The bill passed last month in July is awaiting the assent of the governor for the law to become effective.”