EKO NEWS
Lagos Govt Needs Collaboration To Get Rid Of Quackery In Real Estate Sector – Sanwo-Olu
Sanwo-Olu says the Lagos government needs collaboration to rid the state’s real estate sector of quackery.
Eko Hot Blog reports that Lagos State Governor, Mr. Babajide Sanwo-Olu, has called for joint monitoring of the Real Estate Sector to curb quackery and unlicensed operators while protecting citizens against unprofessional practices in the sector.
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He made the call recently at the Third Lagos Real Estate Market Place Conference and Exhibition, themed: “Town Hall Meeting on the Lagos Real Estate Emerging Markets – Mitigating the Potential Risks”, held at the Eko Hotel, Victoria Island, Lagos.
Sanwo-Olu stressed the need for collaboration as government alone cannot do it considering the huge real estate transaction going on in the state.
The governor, who was represented at the event by the Deputy Governor, Dr. Obafemi Hamzat, said the emerging trends and practices in the sector in recent time call for increased vigilance on the part of all genuine practitioners and the government in view of the rate of reported cases of dubious acts by some real estate agents, who are taking undue advantage of the market.
Sanwo-Olu noted that that the Real Estate Market can be a floodgate of economic prosperity to the state and stakeholders when potential risks are minimal in the sector, hence the need to restore public confidence and safeguard investments of citizens within the sector.
He said the government through its regulatory agency, Lagos State Real Estate Regulatory Authority (LASRERA) has defined minimum operational standards and guidelines for citizens to abide by, adding that the guidelines provide a comprehensive checklist for the citizens to correctly identify and have a competitive list of registered individuals/organisations to avoid doing business with unregistered Real Estate practitioners in the system.
The governor, therefore, pleaded with Lagosians and everyone interested in the real estate business to be cautious in any financial transaction they engage in by fact-checking the track records of the organisations they are dealing with, to ascertain if the individual/organisation is registered with LASRERA and other relevant government Agencies in the built sector.
Earlier in her welcome address, the Special Adviser to the Governor on Housing, Mrs. Toke Benson-Awoyinka stated that the state government is determined to ensure sanity is restored to the state’s Real Estate Environment with the review of the Lagos State Real Estate Regulatory Authority (LASRERA) Law 2022 which aims to protect investors/investees against any potential risks and also to prosecute individuals or organisations.
Mrs. Benson-Awoyinka added that as an integral part of Real Estate, government regulations must address the ethical standards of potential risk in terms of losses for the protection of the citizenry’s investments.
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She emphasised that as professionals/stakeholders in Real Estate, the market must be rebuilt so that investors/investees’ confidence can be restored and ensure that the state government’s vision of making Lagos a 21st Century Economy conforms to the international best practice in real estate and not be a stand-alone in the market.
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