Special Adviser Calls for Robust Real Estate  Regulation in Lagos

Fadekemi Ajakaiye

The Special Adviser to the Lagos State Governor on Housing, Barr. Barakat Odunuga-Bakare has emphasised the significance of robust real estate regulations in the State, expressing optimism that the Greater Lagos Rising mantra of Governor Babajide Sanwo-Olu is achievable through collaborative efforts and adherence to regulatory standards.

She stated this while delivering her keynote address at the Real Estate Outlook 2024 event organised by the Nigerian-British Chamber of Commerce (NBCC), themed “Looking Ahead, Gauging Opportunities”, aimed at providing a platform for stakeholders to explore prospects in the real estate sector held on Monday via Zoom.

While emphasising the pivotal role of regulatory measures in fostering a conducive environment for real estate development in Lagos State, the Special Adviser stated that Real Estate regulation must be transparent to achieve sustainable growth within the real estate industry.

Underlining the commitment of the Lagos State Government to prioritise the housing sector as part of its agenda to propel the state into a 21st-century economy, Odunuga-Bakare highlighted the implementation of the Affordable Home Ownership Scheme, underscoring the importance of real estate regulation within the sector.

In her presentation, she informed the gathering about the establishment of the Lagos State Real Estate Regulatory Authority (LASRERA), a regulatory agency tasked with overseeing the activities of individuals and organisations operating in the real estate sector.

Odunuga-Bakare outlined LASRERA’s mandate, which includes issuing and renewing permit licences, investigating complaints, eliminating unethical practices, and conducting training for industry professionals.

She lauded the collaborative efforts between LASRERA and federal enforcement agencies, stressing the imperative of restoring confidence and trust among local and international investors by combating fraudulent practices effectively.

Furthermore, she stressed the importance of ensuring that only qualified professionals operate within the industry to safeguard the interests of buyers and investors.

Odunuga-Bakare, therefore, called for the cooperation of all stakeholders in registering with LASRERA to combat fraudulent practices effectively.

She urged real estate practitioners to comply with the provisions of the State Real Estate Law and advised investors to verify LASRERA permits before engaging in property transactions.

The Special Adviser on Housing emphasised the need to sanitise the sector to encourage partnership with the private sector to boost confidence in investors.