Tuesday, 25 February 2020

LAGOS REALTORS TO STOP OPERATIONS WITHOUT LAGOS STATE REAL ESTATE REGULATORY AUTHORITY (LASRERA) LICENCE

If you are a Lagos-based realtor, know that very soon, government will stop you from operation if you fail to register with Lagos State Real Estate Regulatory Authority (LASRERA).

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The Special Adviser to the Lagos State Governor on Housing, Mrs. Adetoke Benson-Awoyinka, made this clear at a meeting with real estate practitioners and officials of some government agencies in the built sector on improved 21st century processes.

According to her, the registration of professional real estate practitioners across the state is non-negotiable, stressing that the registration is in the interest of the practitioners and residents.

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She said the registration would protect accommodation seekers from falling prey to fraudulent practitioners and increase public confidence in genuine practitioners. The Special Adviser declared that it had become illegal to practise real estate without a Lagos State Real Estate Regulatory Authority (LASRERA) Licence.

She emphasised the need to protect to protect lives and property of residents, noting that it is the primary responsibility of government to do so. She said these necessitated the registration of genuine practitioners.

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In her own words, “Let me emphasize that engaging in real estate transactions without registering with the state government or obtaining necessary approval is a punishable offense under the law.”

She referred to reports in the media about people who fell victims of fraudulent real estate transactions, stressing that the government could not fold its arms and allow fraudulent practices to thrive.

She said: “Just recently, a physically challenged couple was duped in Mushin by a real estate agent while they were seeking accommodation. This development, which is becoming a daily occurrence in Lagos property market must be corrected and may not have happened at all if all parties involved are registered with the government.”

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She stated that the forum is a forum of interaction between the government and those in the business of securing accommodation for people to identify how best to grow and sustain the sector.

“You need to join hands with this administration so that the unregistered practitioners and those with ulterior intentions would be identified and eliminated from the real estate business in Lagos,” Mrs Benson-Awoyinka advised.

She praised the stakeholders since the establishment of Lagos State Real Estate Transaction Department, which has been upgraded to LASRERA.

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She noted that under the LASRERA law, disgruntled residents have the right to complain to the agency and if it is discovered that their rights have been violated, legal proceedings would be instituted against such practitioners.

The agency, which was approved by the State Executive Council last November, is mandated to establish offices in all the 57 local government and local council areas across the state.

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