We are ready to curb fraudulent practices in real estate sector - LASG - P.M. News

We are ready to curb fraudulent practices in real estate sector - LASG

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Mrs Toke Benson-Awoyinka

Lagos State Real Estate Regulatory Authority, LASRERA says it is ready to curb fraudulent activities in the real estate sector with the right laws and regulations.

It said this was in line with this present administration of Governor Babajide Sanwo-Olu’s T.H.E.M.E.S Agenda of making Lagos State a 21st Century Economy.

Special Adviser to Governor on Housing, Mrs Toke Benson-Awoyinka who spoke at a Stakeholders Forum with the theme: “Redefining Opportunities in Real Estate: Regulations and Expectations’’, being organised by LASRERA on Tuesday, said the event was organised to ensure that the policies of the Lagos State Government for the Real Estate industry gained the confidence of Real Estate Agents, with a view to curbing fraudulent practices and deface negative and potentially risk in the industry.

According to her, “As a government that cares about this profession, we will continue to ensure effective and conclusive environment service delivery for Real Estate business and investments to thrive in Lagos State.

”Let me inform this gathering that the continuous rise in population, migration and demand for properties from citizens home and abroad, will lead to an increase in the demand for accommodation, property investors and homeownership in Lagos State hence the need for all practitioners in this sector to rise up to this challenge and be ready to leverage on this fact.”

The special adviser said the Real Estate industry had visible and invisible untapped opportunities that could positively impact on the businesses of Estate Agents and other investors in the industry.

She said to achieve this, it would require the collaboration of all industry stakeholders, including the real estate professionals, practitioners and property developers to boost the Sector in the State.

Keynote speaker at the event, Mr Gboyega Fatimilehin said countries with existing regulatory framework for the real estate sector and its services were better able to attract investors.

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“This allows for a transparent and effective functioning of the sector and gives the regulators (or government) the financial and administrative independence to aid in the regulations which reassures investors’” he said.

According to him ‘”a well-regulated, fully functioning, and transparent real estate market can be a very important factor in the growth of a nation’s economy. A market that is settled, predictable and trusted can experience high levels of growth and investment.

”The data that becomes available through a greater degree of transparency will also help related segments of the market including banks and insurance; the mortgage finance sector will also benefit greatly.”

Fatimilehin stated that there was an ongoing crisis in the real estate sector and that stakeholders must continue to see ubiquitous instances of fraud and malpractice in the sector in addition to the aforementioned lack of transparency, which has reduced the level of trust in the market.

“This is a hindrance to investment in the sector both in terms of the local capital and foreign direct investment which is required to address the shortage of adequate real estate products in our market,” he said.

Commissioner for Justice and Attorney General of Lagos State, Moyosore Onigbanjo said the LASRERA bill was passed by the Lagos House of Assembly in July and would soon be signed by Governor Babajide Sanwo-Olu.

Onigbanjo said that the bill woulc eliminate fraudulent practices in the real estate sector ,and boost the confidence of investors.