The Lagos State Government has taken a firm stance to clamp down on illegal real estate practitioners operating within the state by the year 2024, ensuring stringent compliance with regulations set by the Lagos State Real Estate Regulatory Authority (LASRERA).
At a stakeholders’ engagement and interactive session organised by LASRERA in Lagos, Barakat Odunuga-Bakare, the Special Adviser to the Lagos State Governor on Housing, emphasised the necessity for all developers, agents, and stakeholders in the real estate business to register or renew their yearly subscription with LASRERA to operate legally.
Odunuga-Bakare warned against non-compliance, stating, “Next year is not business as usual for those practicing illegally. We will crack down on unregistered practitioners and those failing to renew their certificates.”
The Special Adviser outlined LASRERA’s enforcement plans, ensuring that realtors displaying advertisements without the agency’s logo would face consequences and affirming the agency’s commitment to sanitising the real estate sector.
To streamline the registration process, Odunuga-Bakare revealed LASRERA’s plan to establish satellite offices in each local government, facilitating easy registration and comprehensive data collection of practitioners.
Additionally, she encouraged victims of real estate fraud to report grievances to LASRERA for necessary action while promising support for Lagos State residents and stakeholders navigating the real estate landscape.
In line with improving land acquisition processes, Mr. Kamar Olowoshago, the Permanent Secretary, Land Bureau, Lagos State, announced the imminent digitization of land acquisition processes, aiming to reduce bureaucracy and prevent fraud in land transactions.
Dr. Bamidele Onalaja, Chairman of the Real Estate Developers Association of Nigeria (REDAN), commended the collaborative effort between the public and private sectors in the engagement. He emphasised the pivotal role of the real estate industry in Lagos’ economic growth, urging developers to adhere to regulations and construct standard buildings.
Onalaja highlighted the importance of aligning industry goals with the Lagos state government’s vision for sustainable development, stressing the need for compliance with building laws to discourage sub-standard construction.