New Lagos law will protect real estate transactions, says official

Lagos authorities have explained that the recently signed Lagos State Real Estate Regulatory Authority (LASRERA) law will make real estate transactions in the state conform to global best practices.

Governor Sanwo-Olu signed the Bill into Law at Lagos House, Ikeja last week to regulate, sanitise and monitor activities of real estate transactions through LASRERA.

The Special Adviser to Lagos State Governor on Housing, Mrs. Toke Benson-Awoyinka, explained that the law seeks to protect individuals from illegal real estate transactions and fraudulent persons/organisations in the real estate sector in the state.

She stated that with the signing of LASRERA’s law,’’ the registration of tenancy agreements below five years are now expected to register their transactions with the agency to enable it warehouse data of transactions, persons, organisations in the sector.

Benson-Awoyinka maintained that the signing of the law would boost financial transparency in the sales/purchases of properties, adding that investors/investees can now be prosecuted upon discovery of fraudulent practices in transactions in the real estate sector.

She said that “it is now an offence for an individual/organisation to engage in real estate business in Lagos State without being registered with the agency,” urging real estate practitioners to comply with the provisions of the new law.

The Special Adviser added that the new law will contribute to ease of doing business in the state by curbing fraudulent and sharp practices as well as unregistered practitioners in the sector.

She revealed that the new law has now professionalised real estate practice, stressing that the minimum educational requirement to practise in the State is West African Senior School Certificate Examination (WASSCE) in additon to certification from a professional agency, which has power to organise stakeholder’s workshops/ training periodically for those in the sector.

During the signing of the bill into law last week, Governor Babjide Sanwo-Olu, said the law would regulate the real estate transactions and protect the citizens; the unsuspecting Lagosians, who fall prey to many real estate professionals, adding that the law would also help players in the real estate sector to know what is expected of them and for government to be able to track who is doing what in the sector.

“It is really about ease of doing business and ensuring that we can continue to attract private sector investments into the real estate space. We believe this law would be the very first in the country that has taken a deep dive into what is happening in that space and it further strengthens our intervention in housing through the Ministry of Housing,” he said.