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SANWO-OLU HARPS ON BEST PRACTICES FOR REAL ESTATE SECTOR

… As LASRERA Holds Maiden Conference

Governor Babajide Sanwo-Olu, on Thursday, charged practitioners in the real estate sector to ensure that international best practices are observed, in order to attract direct and indirect investment from foreign countries to the State in the post-COVID-19 era, just as he emphasised the need to create a homeownership model that will help address the deficits observed in the housing market in the State.

The Governor, who stated this during a Policy Roundtable organised by the Lagos State Real Estate Regulatory Authority (LASRERA) with key stakeholders in the real estate sector, disclosed that the State Government is ready to bridge the gap in the industry by partnering the private sector and working with stakeholders to ensure people have access to viable homes.

While revealing that the present administration intends to introduce legislation that would help curb bad behaviour among tenants and property owners, Sanwo-Olu averred that the sector contributes in no small measure to the State GDP through its activities, hence the determination to provide the right ambience for the practice of real estate.

He solicited for the real estate practitioners’ support to bring sanity to the property sector by stopping the present fraudulent activities within the industry while providing the best services to prospective accommodation seekers within and outside the country. 

The Special Adviser to the Lagos State Governor on Housing, Mrs. Toke Benson- Awoyinka, stated that the stakeholders’ forum was organised in recognition of the importance which the State Government attaches to real estate practice in the property market, especially as it relates to the decision-making process.

Benson-Awoyinka also noted that the LASRERA portal will help to maintain a cordial relationship between the agency and real estate practitioners in line with global best practices, adding that potential customers willing to buy or sell property would do so without any fear, as they are dealing with verified licensed practitioners.

The Honourable Commissioner for Finance, Dr. Rabiu Olowo, who spoke on Financial Transparency and Governance in the Real Estate Development, affirmed that the State Government recognises the vital role which a transparent Real Estate industry plays in creating competitive, efficient and flexible environment for businesses.

The Lagos State Attorney-General and Commissioner for Justice, Mr. Moyosore Onigbanjo (SAN), spoke on sensitising the public to the regulatory role of the Lagos State Real Estate Regulatory Authority (LASRERA), stressing its importance to the enforcement of laws and regulations in the Real Estate sector in Lagos State.

On his part, the Chairman, Real Estate Developers Association of Nigeria(REDAN), Lagos Branch, Mr. Bamidele Onalaja, commended the government for creating LASRERA, stressing that the initiative will enhance the effective regulation of the Real Estate Industry. 

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