The Lagos State government on Tuesday said it was rebuilding its real estate market to restore confidence of investors in the sector.
Special Adviser to Gov. Babjide Sanwo-Olu of Lagos State on Housing, Mrs Toke Benson-Awoyinka, said this at the 3rd Lagos Real Estate Market Place Conference and Exhibitions in Lagos.
The event was tagged: “A Town Hall Meeting on The Lagos Real Estate Emerging Markets – Mitigating Potential Risks.”
Benson-Awoyinka stated that this was to ensure the state government’s vision of 21st century economy, conformed with international best practices and would not be a stand-alone in the market.
She noted that the real estate sector had been plagued by risks and losses, which had affected operators in the sector.
According to her, transparency in business transactions in the real estate markets necessitates the involvement of government in the regulation of the sector.
She said impersonation and fraudulent practices in the real estate industry had become rampant and this was having a negative impact on the reputation of individuals and organisations, including the regulating agencies of the state government.
“This development calls for appropriate regulation, implementation and enforcement of real estate laws in order to restore sanity to the sector and instil public confidence in the real estate profession.
“This explains why the Lagos State Real Estate Regulatory Authority (LASRERA) was mandated to regulate and register those individuals or organisations involved in this sector,” she said.
According to her, the state government is determined to ensure sanity is restored to its real estate environment.
Benson-Awoyinka noted that if regulations and policies of the state government were not effectively implemented, the sector would continue to record losses.
She explained that laws such as LASRERA law, Mortgage Insurance Policy and Land Matter law would guarantee, safeguard and protect business transactions in case of disasters in construction projects, acquisition/sale and rental, both residential and commercial.
Benson-Awoyinka said: “I must mention that as at today, we have a total of 1584 enrollees on LASRERA’s registration portal.
“Out of this number, LASRERA can only boast of a total of 203 registered applicants from inception to now. This number shows those that are fully registered with their permits to operate issued by LASRERA.
“Athough this figure may not be commensurate with the total number of practitioners we have here in Lagos State, it shows that LASRERA is already on the path of correcting anomalies in this sector.
“I, hereby, appeal to those that are yet to complete the application process to do so.”
She said the risks of losses in the sector could be curbed, if individuals and organisations operating in the sector registered with LASRERA to ensure fraudulent practices were reduced to barest minimum.
She noted that as an integral part of the real estate environment, government’s regulations must address potential risks in terms of losses for the protection of investments.
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