Lagos unveils registration portal for real estate sector

Lagos unveils registration portal for real estate sector
September 24 22:22 2020 Print This Article

By Benjamin Omoike, Lagos

In its bid to curtail activities of fraudulent real estate practitioners, Lagos State Government, on Thursday, unveiled a registration portal for the real estate sector in the state. 

The unveiling was done through the Lagos State Real Estate Regulatory Authority (LASRERA), at Oriental Hotel in Lekki.

The portal was unveiled during the Policy Roundtable Dialogue with key Stakeholders in the Real Estate Sector on International Best Practices, organised by LASRERA.

Governor Babajide Sanwo-Olu, while declaring open the event, said housing deficit in the state, is huge and urged private practitioners to play by the rules if engagement.

“The real estate can contribute 20 to 25 per cent to the GDP. We need to have clear data, where landlords would no longer be demanding one year rent ahead. Landlords should see how they can reduce yearly rent to monthly. The housing deficit in Lagos is huge and unacceptable, but government can not do it alone. For estate practitioners, don’t give what you don’t have. You must ensure whatever you say, they can hold you to it,” the governor said.

Mrs. Toke Benson Awoyinka, Special Adviser to the State Governor on Housing, said the portal contained the databank of registered practitioners in the Real Estate sector, adding that the agency’s regulatory role was to make it easy for potential customers, wanting to either buy or sell property, to do so from Licensed Real Estate Practitioners/ Property Developers without any fear.

She said the agency had made this possible through LASRERA’s portal, where the data bank of registered practitioners in the Real Estate Sector is situated.

The Special Adviser called on stakeholders to make the portal more robust, such that it would serve as a platform that would facilitate foreign investment to the state.

She stated that according to statistics, there were over 15 million Nigerians living in the Diaspora and who would want to invest in the Nigeria Real Estate market.

”This huge number portends great prospect for the real estate sector, and as such, no effort should be spared in making the industry attractive and of international standard to these prospective clients.

”Apart from this, we need to allay the fears of international investors, who are interested in purchasing properties in Nigeria, especially in Lagos State but have not been forthcoming due to perceived fraudulent practices in the sector.

”It is our belief that with the level of commitment that has been displayed by the present administration in the state, in the Real Estate Sector, more investors would be attracted and the Property Market strengthened to improve best practices, in terms of services rendered by the practitioners.

”The reason for always emphasising registration with the Real Estate Practitioners/Property Developers, is to provide protection of citizens from imposters, fraudsters

”It is also to reduce sharp practices associated with some unauthorised individuals, who are not registered members of any association in Lagos State or Nigeria,” Benson Awoyinka said.

She called on stakeholders to collaborate with the state government, so as to eliminate the dubious individuals in the Real Estate industry.

According to her, there is need to deal with them in accordance with relevant provisions of the State Laws, through which integrity will be restored to the profession and international investment will increase, for the state and Nigeria as a whole.

”This present administration will not fail in its social responsibility to the people and investors for adequate protection of lives, properties and investment.

”The LASRERA Portal will provide local and foreign investors the relevant data analytics for market transparency and intelligence, that will help the growth and development of the Sector.

”It is, however, the expectation of government that the citizens reciprocate by performing their civic responsibility and obligation to Lagos State Government,” she said.

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