‘Lagos receives 1,577 petitions, resolves 1,027 on housing malpractices’

Special Adviser to Lagos State Governor on Housing, Barakat Odunuga-Bakare, has said that Lagos State Real Estate Regulatory Authority (LASRERA) received 1,577 petitions against malpractices and resolved 1,027 of them since inception.

According to the News Agency of Nigeria (NAN), she gave the figures at the Nigerian-British Chamber of Commerce Real Estate Outlook with the theme: “Looking Ahead: Gauging Opportunities,” yesterday, in Lagos.

Odunuga-Bakare said there was the need for stakeholders to be duly registered with LASRERA to curb fraudulent practices in the real estate sector.
She said that it had become an offence for any individual or organisation to engage in real estate business in the state without registering with the authority.

The special adviser, who said that the registration would drive a well-regulated real estate sector that would create abundant opportunities, stated that the housing sector, under the Governor BabajideSanwo-Olu-led administration’s THEMES plus agenda would make the state a 21st Century economy with affordable home ownership scheme for residents.

A Chief Consultant at B. Adedipe Associates, Dr Biodun Adedipe, said that the growth of the real estate sector would lead to the enhancement of economic activities in other related or dependent sectors. He said that while the global population by 2030 was projected to hit 8.5 billion, 35.3 per cent of the people would require housing.