Toke Benson–Awoyinka, the Special Adviser to the Governor of Lagos State on Housing, stated that it is illegal for individuals or organisations to participate in real estate business without being registered with the Lagos State Real Estate Regulatory Authority.Informaion Guide Nigeria
The implementation date is February 2022. Benson-Awoyinka disclosed this at the 31st Lagos Builders’ Conference on Wednesday themed, “The Shifting Landscape– Redefining the Real Estate Industry,” and held at the Podium Event Centre, Lekki-Epe Expressway.
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Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaShe said, “Last year, Mr. Governor inaugurated a Technical Committee on Real Estate Regulation to address issues of fiscal responsibility and financial transparency. The committee members were drawn from private and public sectors with specific issues relating to the trusteeship of funds for off-plan development, sustainable governance structure, insurance guidelines and rules, strata law and devolution of ownership and residents association law, with the State mortgage law under view at the Lagos State House of Assembly.
“LASRERA’s registration portal has over 200 (Two hundred) registered Real Estate individual/ organization despite the fact that over 2000 compliance letters were delivered to those operating in Real Estate business transactions in the State.
“This number does not represent the number of operators in the State; however, it is worthy of note that more practitioners are still approaching the Agency to formalize their operations and register with LASRERA.”
According to the keynote speaker, the formation of the Lagos State Real Estate Regulatory Authority guarantees investors a return on all legitimate investments made in the Lagos State real estate market.
Benson-Awoyinka stated that the good name of the real estate industry must be maintained despite building collapses, fraudulent and unprofessional actions.
She said “As a government, our ultimate goal is to create conducive environment through a reliable and effective regulatory system that ensures all players in the Built Sector conform to establish standards and code of conduct at both State and Local Government levels.
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“I must acknowledge and make reference to several reported cases of building collapse in different parts of the State and series of fraudulent cases of property developers/agents defrauding prospective tenants, these trends are unprofessional in the Real Estate Industry and we are determined to uncover the roots of these happenings and bring the culprits to book.
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Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada“To eradicate these malpractices in Lagos Real Estate Sector all hands must be on deck. However, the sensitization and implementation of the State Government’s regulatory framework must commence with the registered members of the Built sector.”
Benson-Awoyinka advised members of the organisation to adhere to state government regulations when conducting business operations and constructing projects in the state.
Earlier, the Governor of Lagos State, Babajide Sanwo-Olu, represented by the Permanent Secretary, Ministry of Works & Infrastructure, Bayo Odusanya, stated that the builders’ forum was positioned as a platform for professionals in the built industry to discuss issues that could enhance the delivery of affordable mass housing, professionalism, welfare, and wealth of the nation.
He said, “As a Government or as Private Investors, we are desirous of providing of Mass Housing, we are limited by challenges such as affordability in terms of pricing of the homes and that of purchasing the property by the citizens as well as the sustenance/maintenance of the provided Housing Units or sometimes the cost and difficulty in the Process of Title Documentation are issues I think this conference can begin to address.
“Also issues including High Cost of Construction and High Cost of Land which ultimately increases the Cost of Project and which in turn is reflected in the Sale Price should be addressed. More so, when the Cost of Infrastructure is considered as a major component in the overall Project Cost, then we need to find a way to ensure that mass Housing becomes affordable.
“As professionals, we all know that the type of technology adopted for Construction significantly impacts on the Project Cost just as statutory Fees and Charges in the area of Stamp Duty, Registration of Title, Physical Planning Fees, Tax and other Statutory Fees also aggregate into increased Cost of Purchase. Ladies and Gentlemen all these ultimately affect affordability in terms of purchasing the property by the citizens.”Jamb Result
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