The Special Adviser to Lagos State Governor on Housing , Mrs Toke Benson-Awoyinka has explained that the Lagos State Real Estate Regulatory Authority is not usurping the regulating rights of the leadership of the various professional bodies in the Real Estate sector.
The Special Adviser made the clarification on Tuesday during a courtesy visit to her office by the Nigerian Institutions of Estate Surveyors and Valuers (NIESV) led by its Chairman, Adedotun Bamigbola, and some other executives of the NIESV body.
According to her, the agency was only interested in collaborating with all relevant stakeholders, practitioners and professional bodies to bring sanity to the practice and restore public confidence in the profession.
She stated that the State Government is aware of the existence of several regulating bodies and professional ethics guiding real estate practitioners, adding that the involvement of the State Government in the profession is to help address the incidences of fraudulent practices that has become rampant in the profession in recent time.
Specifically, the Special Adviser emphasised the need to have a database of those in the sector for regulation purposes, stressing that all Real Estate Practitioners in the Sector must register their operations with LASRERA under four different categories which are ; Housing Cooperatives, Developers, Estate Agents/Realtors and Estate Brokers.
Mrs Benson-Awoyinka clarified that LASRERA was not interested in sending the practitioners out of business but instead wanted to use the avenue of registering the practitioners to regulate , monitor and curb menace of some unauthorised practices in the Sector.
“We need to separate the “wheat from the chaff” and also address the issue of impersonation among Real Estate Practitioners for the benefits of the professionals, Lagosians and the State Government as a whole.
“Let us conform with global practices so as to build investment in Real Estate industry that can be emulated by other professionals. There is need for us to have a database of those in the sector for proper regulation in order to curb fraudulent practices,” She urged the members of NIESV
She stated that the Lagos State Government is willing to collaborate with the members of professional bodies in order to sanitize and save the industry from sharp practices and protect residents seeking accommodations in the State.
Benson-Awoyinka, however, sought the cooperation of Nigerian Institutions of Estate Surveyors and Valuers ( NIESV) to tackle the issue of fraudulent practices and unprofessionalism among practitioners of Real Estate business in the Lagos.
Responding, the Lagos State Chapter, Chairman ofNIESV,ESV Adedotun Bamigbola said that although the body has regulation and disciplinary procedures for its erring members, expressed the readiness on NIESV to assist LASRERA when the need arises for training of the Real Estate Practitioners so that their operations can conform with international best practices.
He added that the Association is willing to be part of the Government to develop the sector realise the lofty intentions of Lagos State to regulate the practitioners and restore public confidence to the real estate business.
The Chairman who agreed that the industry needs to be sanitized with the implementation of appropriate laws, assured the State Government of necessary support, stressing that the practitioners stand to benefit from the registration and partnership with the government
He stated that “Although NIESV has strict regulations and discipline for its erring members, there is still much more that could be done in the area of regulations and professionalism”.
