Lagos State Governor, Babajide Olusola Sanwo-Olu has assured Lagos residents that the government has resolved to make the payment of house rent monthly a reality.
He also expressed concern over the rate of unprofessionalism in the real estate sector in recent time, saying that the development calls for increased vigilance on the part of all genuine real estate practitioners and the government.
Sanwo-Olu expressed these concerns at the Opening Ceremony of the Third Lagos Real Estate Market Place Conference and Exhibitions organised by Lagos State Real Estate Regulatory Authority (LASRERA), in Victoria Island, Lagos, recently.
On the high rate of shady real estate transactions, the governor said that in view of the rate of reported cases of dubious acts by some real estate agents who are taking undue advantage of the real estate market, being one of the fastest growing industry in Nigeria and Lagos State in particular, registered real estate practitioners must uncover the quarks in the profession in order to salvage the image of the real estate practice.
He recalled that the conference and Exhibition was initiated as a platform for Individuals/Organizations operating in the Real Estate Sector to network and address developmental issues affecting the real estate business in Lagos State.
According to Sanwo-Olu, who was represented at the event by his deputy, Dr. Obafemi Hamzat, the chosen theme for Conference; “A Town Hall Meeting On The Lagos Real Estate Emerging Markets – Mitigating Potential Risks” was adopted to once again, beam search light on this sector against the background of new tactics and strategies being deployed by unscrupulous and fake practitioners to defraud unsuspecting clients.
He said, “As a Government, we owe it a duty to safeguard investments of people who may be unaware of some unprofessional practices in the market. The need to restore public confidence to this sector led to the establishment of the Lagos State Real Estate transaction in Lagos State to protect the citizens and investors from the potential risks emerging in the market.
“LASRERA has defined minimum operational standards and guidelines for citizens to abide with. The guidelines provide a comprehensive checklist for the citizens to correctly identify and have competitive list of registered individuals/organizations in order to avoid doing business with unregistered Real Estate practitioners in the system.
“We can’t talk about risks in the real estate sector without mentioning the violation of principles of transparency and Real Estate Laws. These to a greater extent, are major potential risks in this sector.”