Lagos State is a top destination for real estate investors and investees, according to Mrs. Toke Benson-Awoyinka, special adviser to Lagos State Governor Babajide Sanwo-Olu on housing.
This was said by Benson-Awoyinka during a presentation at the Second Edition Stakeholders Summit of the Real Estate Developers Association of Nigeria (REDAN), Lagos State Chapter, which took place on Thursday in Lagos.
According to her, the state government now has enormous obligations to provide proper oversight of real estate transactions for the sake of its citizens.
“As a form of proactive step, the Lagos State Real Estate Regulatory Authority Law was reviewed and signed by Gov. Sanwo-Olu precisely on Feb.7, 2022.
“This law mandates the agency to regulate and register individuals or organisations operating in real estate business transactions in the state.
“It also maintains a database for real estate practitioners in order to curb reported fraudulent practices in the sector.
“The purpose is to boost financial transparency in real estate business transactions, protect individuals and organisations, investments both home and abroad, and prosecute investors or investees involved in fraudulent or sharp practices in the state,” she said.
She asserts that the organisation disapproves of anyone taking undue advantage of individuals or groups in need of residential or commercial space.
The appropriate professional bodies for real estate were advised by the special adviser to make sure that every one of their members was registered with the Lagos State Real Estate Regulatory Agency (LASRERA).
According to Benson-Awoyinka, the registration was done to compile information on real estate transactions in compliance with the law.
She urged key industry players to embrace the state government’s vision of “Towards a Greater Lagos” as the cycle of the real estate market.
This, according to Benson-Awoyinka, presents excellent investment prospects that would increase the confidence of both investors and investees.
“Let’s tap into the rich real estate investment benefits and conform to established global best practices for this sector,” he said.
Benson-Awoyinka praised REDAN for bringing together real estate developers, stakeholders, potential buyers, and other industry interest groups to strategize on the sector’s forward-thinking and sustainable development.
In his remarks, Mr. Moruf Akinderu-Fatai, Lagos State Commissioner for Housing, urged developers to seek ways to build homes for all Lagos residents while also taking low-income earners into account.
According to Akinderu-Fatai, Lagos State needs additional homes, hence the state government has urged the private sector to play a significant role in the real estate industry.
Oba Saheed Elegushi, Elegushi of the Ikate-Elegushi Kingdom on Victoria Island, stated in his speech that REDAN is a significant partner in the growth of Lagos State.
Elegushi emphasized that association members must continue to promote growth by supporting efforts to provide Lagos citizens with adequate and affordable homes.
“If developers could play their part well, cases of building collapses in Lagos will be drastically reduced,” he said.
