Lagos Govt vows to clamp down on illegal realtors in 2024

“Next year is not going to be business as usual for those in the real estate business that are not registered with LASRERA because they are practicing illegally.

Lagos Govt, vows to clamp down, illegal realtors, in 2024
Executive members of REDAN presenting gift to Barakat Odunuga-Bakare, Special Adviser to the Lagos State Governor on Housing at a day Real Estate stakeholders engagement on Tuesday in Lagos.

The Lagos State Government on Tuesday vowed to clamp down on illegal real estate practitioners operating within the state in 2024.

The Special adviser to the Lagos State Governor on Housing, Barakat Odunuga-Bakare, said this at a day stakeholders’ engagement and interactive session organised by the Lagos State Real Estate Regulatory Authority (LASRERA) in Lagos.

Odunuga-Bakare stated that it was mandatory for developers, agents and other players in the real estate business to register or renew their yearly subscription with LASRERA before they could operate.

She said: “Next year is not going to be business as usual for those in the real estate business that are not registered with LASRERA because they are practicing illegally.

“We will not also spare those who registered and do not renew their yearly subscription with the agency.

“If you registered before and do not renew your certificate, you do not have the right to practice real estate in Lagos state.

“If the LASRERA’s enforcement team discovers any realtor that is advertising their companies without the logo of LASRERA alongside theirs, such organisation will be brought to book.’’

Odunuga-Bakare said in achieving its mandate of sanitising the real estate sector in the state, the agency planned to open satellite offices in each local government in the state.

She explained that this would ease the process of registration for the real estate practitioners and also helped the agency to have a comprehensive data of practitioners within the state.

BRANDPOWER reports that Odunuga-Bakare urged victims of real estate fraud to channel their complaints and petitions to LASRERA under her leadership for necessary action.

She assured Lagos state residents and stakeholders in the housing sector of her commitment to support and collaborate with them as they navigate the real estate terrain in the state.

“Our government appreciates and value your critical contribution to our economy through your real estate development enterprise,” she said.

In his address, the Permanent Secretary, Land Bureau, Lagos State, Mr Kamar Olowoshago, said that the state government was working toward digitising the process of acquiring land in the state and would launch it soon.

Olowoshago explained that the aim of the digitisation was to reduce the bureaucracy of acquiring a land and also authenticate the status of a land to prevent being defrauded.

“The digitisation is a work in progress and will be launched very soon, as the governor is passionate about it.

“I can assure you that in a couple of months, land administration in Lagos state is going to be different,” he said.

In his remark, the Chairman, Real Estate Developers Association of Nigeria (REDAN), Dr Bamidele Onalaja, lauded the special adviser for hosting the crucial stakeholders’ engagement.

Onalaja described the engagement as a testament to the collaborative spirit between the public and private sectors, which was essential for the sustainable development of a vibrant real estate industry.

“The significance of this gathering cannot be overstated.

“Our industry plays a pivotal role in shaping the landscape of Lagos, a city that is not only the economic heartbeat of Nigeria but a key player on the global stage.

“As real estate developers, our responsibilities go beyond constructing buildings; we are integral partners in building communities, fostering economic growth and enhancing the overall quality of life for the residents of this great state.

“Together, we can create an environment that attracts investments, encourages responsible development and ensures that the real estate sector continues to be a driving force in the economic prosperity of Lagos.

“As stakeholders, we are committed to aligning our goals with the vision of the Lagos state government,” he said.

Onalaja urged developers within the state to ensure that they follow due process of laid down regulations before going into construction of buildings and also build standard houses.

He advised the state government to ensure full compliance to building laws, to discourage the construction of sub-standard houses.