The Lagos State Government has reaffirmed its stance on sanitising the real estate industry, warning that operating in the sector without proper registration is a punishable offence.
The announcement was made on Wednesday by Barrister Barakat Odunuga-Bakare, Special Adviser to the Governor on Housing and Head of the Lagos State Real Estate Regulatory Authority (LASRERA), during a briefing at Alausa, Ikeja.
Odunuga-Bakare stated that individuals or organisations engaged in real estate transactions, including commission agents, realtors, and other practitioners, must register with LASRERA and obtain the agency’s certificate of practice before operating.
She further warned that it is also illegal to transact with any real estate entity that is not duly registered with the authority.
In her address, the Special Adviser reiterated that the legal agency fee chargeable in Lagos remains capped at 10 percent.
She urged members of the public who are overcharged or have unresolved grievances to report directly to LASRERA.
The agency, she said, is positioned to address such complaints and ensure fair dealings in the sector.
Odunuga-Bakare also reminded practitioners that demanding more than one year’s rent from tenants violates Lagos tenancy regulations.
She stressed that collecting payments without delivering promised services is not only unethical but a breach of state laws.
Reaffirming the Sanwo-Olu administration’s commitment to consumer protection, the Special Adviser emphasised the government’s resolve to restore sanity and transparency in the real estate sector.
According to the Special Adviser, the ultimate goal is to protect home seekers, property owners, and legitimate practitioners from exploitation and malpractice.
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