Adhere Strictly to Regulations, Sanwo-Olu Tells Real Estate Practitioners, Property Developers

Goodness Sunday

Lagos State Governor Babajide Sanwo-Olu has warned real estate practitioners and property developers to adhere strictly to the building regulations of the state or risk being sanctioned.

The governor stated this at the 4th Lagos Real Estate Market Place Conference and Exhibitions, organised by the Lagos State Real Estate Regulatory Authority (LASRERA), recently. The theme was: ‘Real Estate Regulation: A Panacea for Disaster and Recovery in the Built Industry’. 

The Governor, who was represented by the Lagos State Commissioner for Housing, Honorable Moruf Akinderu-Fatai, emphasised the need for all players in the built industry to avoid undermining established rules, processes, procedures and abide by all regulations guiding real estate practice, including the Lagos State Real Estate Regulatory Authority (LASRERA) laws and other related regulations.

He stated that, “It is within this context that we deliberate on the transformative potential of regulating the real estate sector. This would serve as a panacea for not only mitigating risks that could result from disasters but also facilitate a transparent and enabling environment for the licensed practitioners within the Industry.”

The governor said, “A significant step that we have taken in this regard was the signing of the amended The Lagos State Real Estate Regulatory Authority (LASRERA) law in February last year. This law recognises the pivotal role which real estate regulation plays in disaster mitigation. 

“In order to minimise the risk of disasters and enhance the resilience of structures, it has become compulsory for relevant authorities to require individuals/organisations to purchase insurance coverage against natural disasters.

“As a government, we are resolute in our determination to ensure full implementation of our zero tolerance policy against non or partial compliance with the Lagos State Real Estate Regulatory Authority (LASRERA) laws and regulation and standards in the built industry in order to sustain investors confidence in the real estate sector. Also, by implementing measures such as licensing and certification, which is being undertaken by the Lagos State Real Estate Regulatory Authority (LASRERA), we can ensure that professionals in the built industry adhere to ethical standards and possess the necessary expertise.

“Yes, the issue of Unlicensed Real Estate Practitioners/Property Developers was a factual focus at the conference where a consortium of industry experts, government officials, stakeholders, and investors deliberated on the needed policy application. The role of regulation in fostering stability, resilience, and growth within the built industry was a concern.”

Also, Special Adviser to the Governor on Housing, Barakat Odunuga Bakare, stated that real estate contributes a sizable share to the Lagos Gross Domestic Product (GDP). 

She said, “Real Estate has contributed 5.31% to real Gross Domestic Product (GDP) in the first quarter of 2023.”

As the sector experienced various disasters in recent times, ranging from building collapse, demolitions, inability to recoup investments, agents’ fraud, to mention a few. 

Barakat stated that, “The implementation of the Lagos State Real Estate Regulatory Law as documented in Lagos State of Nigeria Official Gazette of 11th February 2022 Section 6 and 7 LASRERA the power, among other functions, to formulate policies for proper dealings in real estate transactions in line with best global practices. 

The Authority also has the power to investigate complaints and petitions against Licensed and Unlicensed Real Estate Practitioners/Property Developers and impose sanctions in accordance with the Law where necessary.”

Various topics discussed at the conference included: Disaster Mitigation Strategies, The role of Public – Private Partnerships in Enhancing Disaster Mitigation in the Built Industry, Housing Nigerians in the Diaspora, and Using Data Obtained from Regulation to Avert Disaster in the Built Industry, Insurance and Risk Management as a Mitigant and Recovery Tool.