The Lagos State Government said since establishment of the state Real Estate Regulatory Agency, LASRERA, it has recovered over N500 million from over 3,000 petitions received from aggrieved members of the public who were victims of fraudulent practices of some developers.
Meanwhile, the revised state Tenancy Law is expected to be ready next year, 2025 aimed to safeguarding the rights of both landlords and tenants in agreement terms, as well as against arbitrary fees by estate agents when finally passed into law.
This comes as it reiterated the need for strict regulations and application of sanctions where necessary to safeguard the investment of Nigerians at home and abroad in the real estate sector.
Special Adviser to the Governor on Housing, Barr. Barakat Odunuga-Bakare, made the remarks on Thursday, during a media briefing in Alausa, Ikeja, on the highlights of activities ahead of the 5th Lagos Real Estate Marketplace Conference, scheduled to take place next week Tuesday, at Eko Hotel and Suites, Victoria Island, Lagos.
The conference is themed; “Reimagining the Lagos Landscape: Ensuring Sustainable Real Estate Development Practices.”
According to Odunuga-Bakare, one of the numerous cases was that of Alhaji Abdulahi Ayobami Oseni who bagged 10 years imprisonment for duping 133 victims in Ajao Estate area of the state.
She added that the building in question had now been confiscated by the state government for the construction of Lagos Homes.
Odunuga-Bakare, explained that the state considered the safety of residents as priority in an efforts to bridge the housing deficit in the state.
Barakat Odunuga-Bakare, however, urged residents interested in the Real Estate to always seek for information on the website for those registered with LASRERA adding that most of the petitions were from people who ignored it.
She disclosed that they have almost 3,000 registered practitioners already expressing hope that more will come at the 5th Market Place.
According to Barakat Odunuga-Bakare,”The real estate sector plays a significant role in driving the growth, creating jobs, attracting investments, and contributing to the development of the state’s infrastructure.
“Under the leadership of Governor Babajide Sanwo-Olu, Lagos has become a beacon of progress, innovation, and sustainable development in the real estate sector.”
She continued, “This year’s conference reflects commitment to ensuring that the rapid growth of our urban spaces does not come at the expense of safety, sustainability, and resilience.
“The focus on sustainable development practices is more critical now than ever before, as we face growing challenges in managing the increasing demand for housing, addressing environmental concerns, and improving the safety and integrity of our built environment.”
At the 5th Lagos Real Estate Marketplace Conference, Barakat Odunuga-Bakare disclosed that “It will focus on key areas such as: innovation in housing solutions, sustainable building practices, regulatory reforms, and investment opportunities.
“The event will bring together an exciting lineup of speakers and panelists, including thought leaders, real estate developers, investors, policymakers, and regulators who will engage in deep, insightful discussions on these pressing issues.”
Speaking on the outcomes of the 4th Lagos Real Estate Marketplace Conference, Barakat Odunuga-Bakare, stated that it produced robust partnership with developers in the sector, adding that the revised state Tenancy Law will emerge next year promising that any agent that charges arbitrary fees will be dealt with when the law is passed.
She however, disclosed that over 30 exhibitors are expected at the 5th Lagos Real Estate Marketplace Conference.
