The Lagos State Real Estate Regulatory Authority (LASRERA) has announced a strategic collaboration with the chairmen of the 57 Local Government Areas (LGAs) and Local Council Development Areas (LCDAs) across Lagos State to tackle the rising cost of house rents and other transactions in the real estate sector.
The state’s commissioner for Housing, Hon. Maruf Akinderu Fatai, who stated this during the meeting with the council chairmen, explained that the initiative is designed to regulate and reduce agency and legal fees charged by real estate practitioners, thereby 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.”
Hon. Odunuga-Bakare also urged Lagos residents to only patronise agents and developers who are duly registered with LASRERA, adding that:
“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 LGA and LCDA Chairmen is a major 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.”
The agency urged members of the public to visit the LASRERA website to verify the registration status of property agents and file complaints against defaulters.
