Feb. 12, 2024

The Lagos State government says it has received 1577 petitions against malpractice in the real estate sector and resolved 1027 of them, since inception.

Mrs. Barakat Odunuga-Bakare, Special Adviser to Lagos State Governor on Housing, gave the figures at the Nigerian-British Chamber of Commerce Real Estate Outlook with the theme: “Looking Ahead: Gauging Opportunities”, on Monday in Lagos.

Odunuga-Bakare said there was the need for stakeholders to be duly registered with Lagos State Real Estate Regulatory Authority (LASRERA) to curb fraudulent practices in real estate sector.

She said that it had become an offence for any individual or organisation to engage in real estate business in Lagos State without registering with the authority.

She said that the registration would drive a well-regulated real estate sector that would create abundant opportunities.

She said that the housing sector under the Babajide Sanwo-Olu administration’s THEMES Plus Agenda would make the state a 21st Century economy with affordable home ownership scheme for residents.

THEMES stands for Lagos State Transportation and Traffic Management, Health and Environment, Education and Technology.

“LASRERA was established solely for the purpose of overseeing activities of individuals and organisations operating in the real estate sector with the aim of addressing reported fraudulent practices within the sector.

“LASRERA is prosecuting about eight cases in the courts.

“This sends a clear message that fraudulent practices will not be tolerated in Lagos State.

“I want to use this medium to solicit for cooperation of stakeholders here today in the area of registration with LASRERA.

“I implore real estate practitioners to comply with the provisions of the state real estate law just as I will urge investors/ investees to always request for LASRERA permit or visit the agency website – lasrera.lagosstate.gov.ng – before engaging in any property transaction,” she said.

Dr. Biodun Adedipe, a Chief Consultant at B. Adedipe Associates, said that the growth of real estate sector would lead to the enhancement of economic activities in other related or dependent sectors.

He said that while global population by 2030 was projected to hit 8.5 billion, 35.3 per cent of the people would require housing.

“Real estate drivers in Nigeria include growing population and rapid urbanisation with prospect for middle class expansion, supply and demand factors, demand for real estate assets, especially in the growth sectors.

“Others are innovation in building technology, eco-efficient buildings, business model that leverages technology (augmented and virtual reality) for digital sales and leasing processes, and increasing demand for warehouse spaces, among others.

“For your business to be truly agile, not only must its processes be continually reviewed and updated to environmental peculiarities, as many of them as possible should be automated and the use of digital technology maximised,” he said.(NAN)