The Lagos State government has advised the leadership of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Real Estate Developers Association of Nigeria (REDAN) and Association of Estate Agents in Nigeria (AEAN) to support the drive to reduce rent burden on residents and shun the prevalent illegal fees in real estate sector
   
The government also appealed to professional bodies to stem the rate at which agents across the real estate value chain engaged in competition for fees in real estate transactions.
  
She stated that the introduction of illegal fees such as caution fee, inspection fee, finder’s fee and others represents a professionally harmful practice, which affects tenants and puts the integrity of the practitioners and property owners at stake.
   
The state government had invited the NIESV, REDAN and AEAN to a stakeholders’ meeting jointly chaired by the Commissioner for Housing, Moruf Akinderu-Fatai and Barakat Odunuga–Bakare, the Special Adviser to the Governor of Lagos State on Housing. 
    
The session is a continuation of the strategic engagement to curb arbitrary rent charges, demand for high agent fees and promotion of sanity in the real estate business in Lagos State.
  
The Commissioner and Special Adviser challenged the association to protect the integrity of the real estate business with support for a joint effort of all stakeholders for full enforcement and compliance with the real estate transaction laws of Lagos State.
   
Akinderu-Fatai stated that the aim of engaging all stakeholders is to strengthen the working relationship between the government and the professional bodies for the benefit of Lagosians. ‘’Lagos State Government is concerned about the challenges faced by families in securing and retaining rental accommodation in the State, with unpleasant rent increments and illegal estate transaction charges.’’
    
The Commissioner reiterated the plan of the government to encourage and promote monthly and quarterly rent payments in the state in line with the tenancy law.
   
He said the government is aware of the increase in demand as greater than supply, but the government would no longer tolerate and allow the extortion of accommodation seekers with unwholesome practices. 
   
“I want to assure you that the State Government under the leadership of Mr. Babajide Sanwo-Olu is compassionate and will leave no stone unturned to ensure sanity in the real estate business in the state”, Akinderu-Fatai said.
   
Odunuga-Bakare said, ‘’There are existing State laws such as the 2015 Tenancy Law and Lagos State Real Estate Regulatory Authority (LASRERA) Law, which specify a percentage of chargeable fees of not more than 10 per cent on real estate transactions.’’
   
She also reminded the stakeholders of the responsibilities of the LASRERA as established by the law to register, regulate and monitor real estate business in Lagos State. Odunuga-Bakare also urged the stakeholders to cooperate with the government to ease the conditions under which Lagosians secure accommodation.
  
Also speaking at the meeting, Chairman, Lagos Branch, NIESS), Mr Gbenga Ismail, Dr Kolawole Tony of the Real Estate Developers Association of Nigeria (REDAN) and Dr Adeniyi Tinubu of the Association of Estate Agents in Nigeria (AEAN) jointly expressed their readiness to forge a workable alliance with the government to solve high rent costs and excessive charges.
  
The professional bodies will also join the state government in promoting advocacy, public enlightenment, as well as sensitisation programmes on the best practices in real estate transactions.
  
The meeting further resolved to convene another stakeholders’ forum to be attended by representatives of all practitioners in the real estate business, including the Nigerian Bar Association, for a holistic buy-in of every sector for the benefit of residents.