… Promises to Initiate Friendly Policies
Lagos State Government has expressed its readiness to put in place deliberate initiatives and policies that will support real estate practice in the state.
The Special Adviser to the State Governor on Housing, Barr. Barakat Odunuga-Bakare gave the assurance during a stakeholders engagement/interactive session organised by the Lagos State Real Estate Regulatory Authority (LASRERA) with stakeholders in the built sector at Ikeja on Tuesday.
Odunuga-Bakare explained that it is through collaboration that the State Government can guarantee the regulatory landscape that is not just a set of rules, but a dynamic force that nurtures responsible growth and development in the Real Estate industry.
She vowed that the agency will scale up its enforcement drive against sharp practices in the real estate sector, maintaining that 2024 will no longer be business as usual for perpetrators of fraudulent acts in the real estate sector and unregistered practitioners.
Odunuga-Bakare urged Nigerians in the Diaspora who intend to invest in the sector to always check the website of LASRERA: lasrera.lagosstate.gov.ng for adequate information before sealing any transactions.
Speaking on the ongoing demolition of some structures across the State, the Special Adviser said, “We will launch a proper investigation on complaints by some operators over the demolition of their buildings in some parts of the state to ascertain the claims by some of the developers.
“The Tenancy law is in the process of protecting both the sellers and buyers of properties in the state, and we are collaborating with the Ministry of Justice in addressing issues and challenges raised by some practitioners”, Odunuga-Bakare said
Responding to some of the questions by the operators, the Permanent Secretary, Lagos State Lands Bureau, Mr. Kamal Olowosago urged stakeholders to always conduct a proper search before going ahead with any transactions.
He said the State Government is digitalizing the land registration processes to reduce bottlenecks surrounding land administration in the state.
He maintained that Governor Sanwo-Olu is passionate about curbing the issues of land grabbing with the setting up of the Committee on Land Grabbers in the State.
Olowosago also promised to revisit cases of forceful takeover of some lands and property from operators, especially in the Lekki area of the state.
Earlier, the Chairman, Real Estate Developers Association of Nigeria, (REDAN), Lagos State Chapter, Dr. Bamidele Onalaja noted that the real estate industry plays a pivotal role in shaping the landscape of Lagos, hence the need to collaboratively explore innovative solutions that will drive the sustainable growth of the sector in Lagos.
He said REDAN is working with the government to curb recurring building collapses in Lagos, urging developers to get the necessary documents before they set out to build.
Leading the stakeholders in discussion at the forum, the Chairman of MKH Group, Mr. Muibi Kehinde Hammed said that the Lagos State Government must adhere strictly to enforcement in the industry.
On her part, the Managing Director, Hafsam Properties, Hafsat Balogun lamented the increase in overnight agents infiltrating the industry.
The event had in attendance consultants, agents, investors, developers and realtors among others.
