Special Adviser to Gov. Babajide Sanwo-Olu of Lagos State on Housing, Mrs Toke Benson-Awoyinka, says Lagos State is a choice place for investors and investees in the real estate sector.
Benson-Awoyinka said this while delivering a presentation at the Real Estate Developers Association of Nigeria (REDAN), Lagos State Chapter’s Second Edition Stakeholders Summit held on Thursday in Lagos.
She stated that the demand conferred huge responsibilities on the state government to ensure effective monitoring of real estate transactions for the benefits of its people.
“As a form of proactive step, the Lagos State Real Estate Regulatory Authority Law was reviewed and signed by Gov. Sanwo-Olu precisely on Feb.7, 2022.
“This Law mandates the agency to regulate and register individuals or organisations operating in real estate business transaction in the state.
“It also maintain a database for real estate practitioners in order to curb reported fraudulent practices in the sector.
“The purpose is to boost financial transparency in real estate business transactions, protect individuals and organisations, investments both home and abroad, and prosecute investors or investees involved in fraudulent or sharp practices in the state,” she said.
According to her, the agency frowns at anyone taking undue advantage of individuals or organisations that are in need of residential or commercial accommodation.
The special adviser urged relevant real estate professional bodies to ensure that all their members are registered with Lagos State Real Estate Regulatory Agency (LASRERA).
Benson-Awoyinka said that the registration was for the purpose of collating data on property transactions, in accordance with the provisions of the law.
she charged relevant stakeholders in the sector to key into the state government’s vision of “Towards a Greater Lagos”, as the real estate market cycle.
This, Benson-Awoyinka noted, offers great investment opportunities that would boost investors and investees confidence.
” Let’s tap into the rich real estate investment benefits and conform with established global best practices for this sector,” he said.
Benson-Awoyinka commended REDAN for bringing together real estate developers, stakeholders, intending off-takers and other interest groups in the industry to brainstorm on the progressive and sustainable development of the sector.
In his remark, Mr Moruf Akinderu-Fatai, Lagos State Commissioner for Housing, charged developers to think of how to provide houses for all residents of Lagos and also put into consideration the low income earners.
Akinderu-Fatai said Lagos state need more housing, hence; the state government had encouraged private sector to be a major player in the real estate sector.
In his address, Oba Saheed Elegushi, Elegushi of Ikate-Elegushi Kingdom, Victoria Island, said REDAN is an important stakeholders in the development of Lagos State.
Elegushi said members of the association must continue to spur development by ensuring that they support in providing decent and affordable housing to Lagos residents.
“If developers could play their part well, cases of building collapses in Lagos will be drastically reduced,” he said. (NAN)
