Lagos Real Estate Regulatory Law Enables LASRERA, FG Collaboration to Stem Fraud, Says Odunuga-Bakare
The recently enacted Law of Lagos State Real Estate Regulatory Authority (LASRERA), signed by Governor Babajide Sanwo-Olu, in 2022, empowers the agency to collaborate with federal government enforcement agencies to combat fraudulent practices effectively.
The Special Adviser to Lagos State Governor on Housing, Barr. Barakat Odunuga-Bakare stated this in a keynote speech she delivered at a two-day summit organised by the Association of Estate Agents in Nigeria (AEAN) in Lagos recently.
The AEAN is an affiliate of the Nigerian Institution of Estate Surveyors and Valuers (NIESV).
Odunuga-Bakare said, “By doing so (the collaboration), we aim to restore confidence, trust, and protect the interests of both local and international investors.”
The Law, she said, indicates a significant step towards promoting investment and development within the state’s real estate sector. This legislation mandates the agency with key responsibilities: Issuance and Renewal of Permit licenses annually; Investigation of complaints and petitions against licensed and unlicensed Real Estate Practitioners/Property Developers, and imposition of sanctions where necessary;
Elimination of unethical real estate business transactions; and Conducting training for practitioners in the sector.
She said, “In promoting investment and development in this sector, LASRERA has made commendable progress in addressing grievances that emanated from real estate transactions in the State, having resolved 1027 out of 1577 petitions received.
“Worthy of note is the agency’s intervention in the alleged N40 Million Land scam issue some time ago involving one Mr Kayode Oladipo. The outcome of the whole issue, exemplifies our commitment to transparency and zero tolerance for fraudulent activities in Lagos State’s real estate sector.”
According to the Special Adviser, “LASRERA registers only qualified real estate professionals, registered with recognized organizations that operate in the sector. This measure mitigates the risks associated with unregistered agents and briefcase operators prevalent in Lagos State.
“As governments worldwide safeguard investor interests, it is imperative that we provide a conducive environment and adhere to international best standards. LASRERA actively engages in public awareness campaigns to educate citizens about their rights and responsibilities in real estate transactions, thereby empowering them against fraudulent activities.
“As a Professional Body, Investors’ confidence must be restored especially for those in the diaspora, the issues of fake/ dubious practitioners which must be addressed by relevant professional bodies in the industry.