Lagos State government, on Thursday, warned that the era of people involved in estate business defrauding members of the public is over in the state, saying that the state was poised to prosecute whoever was found engaged in such fraudulent activities.
This was just as it disclosed that hundreds of reported cases of alleged frauds involving those in real estate business were currently being addressed across the state.
Special Adviser to the Governor on Housing, Mrs Toke Benson-Awoyinka, sounded this warning while addressing newsmen at the Bagauda Kaltho Press Centre, Alausa, Ikeja.
Benson- Awoyinka disclosed that towards this end, a department under the Ministry of Housing formerly known as Lagos State Real Estate Transaction Department has now transformed to Lagos State Real Estate Regulatory Authority (LASRERA), saying the change in the name also upgraded the erstwhile department to a full agency that would be supervised by her office.
The Special Adviser to the Governor, while unveiling the Agency’s Logo and formally launched a Website/ Registration Portal database of credible Real Estate Practitioners, said it was to create, provide, develop, continuously capture and update a Unified Central Database of Real Estate Practitioners and their activities within the state, among others.
She said this was to enable residents to be abreast of the importance of patronising registered Real Estate Practitioners and Property Developers.
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According to her, the present administration under the leadership of Governor Babajide Sanwo-Olu approved the transition of the department to an agency last February in its bid to transform Lagos into a 21st Century economy, saying the agency now had the mandate to prepare rules and regulation for the practice of Estate Agency and other connected matters in the state.
Benson- Awoyinka said the agency also had as part of its mandate to identify persons eligible to be licensed as Estate Agents and Renew Licenses annually, as well as maintain a register of licensed Estate Agents and sanction unlicensed Estate Agency Practitioners in the state, among others.
The Special Adviser to the Governor, who added that the agency equally had the mandate to organize monitoring teams and conduct inspections to ensure compliance with the Law as well as investigate complaints and petitions against Licensed Estate Agency Practitioners, pointed out that the initiative was put in place to sanitize the industry and “curb these fraudulent practices in this sector.”
“We are well aware of the trend of fraudulent practices of some Real Estate Agents/Property Developers. This is reflected in the complaints received by the Agency in recent time of residents who had fallen victims to fake Real Estate Practitioners/Property Developers while seeking for accommodation, purchasing/ selling of properties.
“As you all know, Lagos State has been the commercial and economic nerve centre of Nigeria and Africa with investments opportunities hence the net migration to the state.
“The state government has worked tirelessly over the years to curb the increasing fraudulent practices in this sector and this explains the need to sanitise the industry.
“In line with the T.H.E.M.E Agenda of Mr Governor on the improving Technology Infrastructure, we are today unveiling the Website, Social Media handles and Registration Portal for the effective management and communication amongst the Stakeholders. The interactive Website would enhance post-COVID-19 compliance initiatives, promote transparency. It would become a one-stop-shop to stakeholders and government,” she said.
She, therefore, called on the residents to support the agency in its effort to curb fraudulent practices in the sector by ensuring that they patronize only registered real estate agents in the state.
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