LASRERA begins clamp down on unregistered real estate firms
In line with its mandates to regulate, sanitise and effectively monitor the real estate sector, the Lagos State Real Estate Regulatory Authority (LASRERA) has extended its enforcement drive to some parts of the state to ensure that practitioners operating in the state duly register with the authority.
This enforcement and sensitisation exercise, which started last week in Ikeja and its environs, is expected to be replicated across other divisions of the state as part of strategies by LASRERA to raise public awareness about state government efforts to sanitise the real estate sector.
Speaking on the development, the Special Adviser to the State Governor on Housing, Mrs. Toke Benson-Awoyinka, explained that it is important to notify members of the public that it is an offence to practice real estate in any of its forms including those displaying ” To Let, To Lease and For Sale” in their offices or on properties without being duly registered with the agency.
Benson-Awoyinka, who was represented by the Director, Enforcement Unit of LASRERA, Mr. Deji Badejo, said that there is need to restrict posting of banners on residential and commercial properties by unregistered real estate individuals/organisations, who can easily swindle unsuspecting members of the public on their investments or hard earnings.
She added that many members of the public have been defrauded in the past by imposters and fraudulent real estate practitioners, stressing that government cannot continue to fold its arms and allow irregularities that is capable of driving many genuine investors/ investees away from the sector.
Benson-Awoyinka also stated that the agency had earlier written letters to over 1,000 individuals/organisations to honour the state government’s call for regularisation of the sector, while also expanding the market confidence of those in diaspora to invest in the sector.
“Let me state that following the letters earlier delivered to practitioners across the state, only a few of these practitioners responded to the content of the letters, hence the need to embark on this enforcement and compliance exercise so that relevant stakeholders in the built sector, as well as the general public can attach importance to the call by the agency to sanitise real estate transactions in the State,” she said.
Benson-Awoyinka assured all residents that the enforcement drive will be a continous exercise until all practitioners in the real estate sector of Lagos State are captured under LASRERA’s database inline with international best practices. She used the opportunity to call on members of the public to report dubious real estate practices to the agency.