By Michael Olatunji
SUNRISE NEWS, Lagos, Sept 12, 2020 The Special Adviser to the Lagos State Governor on Housing, Mrs. Toke Benson -Awoyinka has met with Managing Directors of Real Estate Development firms in the state, to seek their buy-in into regulating the sub-sector.
The meeting which was held at The George Hotel, Ikoyi, was to deliberate on the housing sector being one of the components of the administration of Governor Babajide Sanwo-Olu in achieving a Lagos State 21st Century Economy and also to curb the rate of reported and increasing cases of fraudulent practices in the Real Estate Sector across the State.
She said the need to tackle several fraudulent practices within the Real Estate Sector necessitated the upgrading of the Department under the Ministry of Housing to an Agency, Lagos State Real Regulatory Authority (LASRERA).
Mrs. Benson-Awoyinka stated that currently, the Real Estate Regulatory Authority Bill is before Lagos State House of Assembly for review, stressing that the Stakeholders in the Industry will be invited for their contributions into the bill at the appropriate time.
The Special Adviser said the acts of fraudulent practices by some Real Estate Developers in the State have discouraged genuine investors in the industry especially from outside the country.
She acknowledged the fact that the Chief Executive Officers play important roles in facilitating business relationships between people selling or buying, leasing or renting of landed property.
“Bringing prospective buyers and sellers of properties together and managing their expectations, thereby making both parties come into agreement during the transaction processes being carried out, while contributing in no small measure to the economic growth and development of Lagos State,” is one of the mandate of LASRERA, she stated.
The Special Adviser said, the Real Estate Developers must work with the Agency to enhance the integrity and reputation of the property market which is the vision of the State Government and the passion of Mr. Babajide Sanwo-Olu for the housing sector.
She maintained and stated that, it is worthy to note the Real Estate is the Oil of Lagos State and that greater opportunities abound in the Industry through the confidence and trust of clients during business transactions.
Mrs. Toke Benson-Awoyinka appealed to the Real Estate Developers in the State to join hands with LASRERA to curb fraudulent and sharp practices perpetrated by some unscrupulous people in the Sector.
“Every Real Estate Practitioner / Property Developer should register with the Lagos State Real Estate Regulatory Authority LASRERA to assist the Agency in building a robust database for practitioners in the Sector and accessibility by members of the public who would want to engage their services in renting, buying and selling of property,” the Special Adviser reiterated.
In response, the developers noted with enthusiasm, their joy in the State bringing them together and appreciating the need being long overdue to regulate and sanitize the sector. They however pleaded with government on the need to provide complimentary infrastructure being roads and electricity, to mention a few, in order to reduce the cost of developments in order to make affordable housing affordable and accessible to the people. They also mentioned and requested that the agency creates a “one stop desk” where issues around government processes can be resolved within the agency to make their dealings with government seamless.