Lagos State Government Vows Stricter Regulations to Protect Real Estate Investments
The Lagos State Government has 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.
The Special Adviser to the Governor on Housing, Barr. Barakat Odunuga-Bakare gave this indication during the Media Briefing in her Alausa office ahead of the 5th Lagos Real Estate Marketplace Conference
holding at Eko Hotel and Suites, Victoria Island, Lagos.
She said that the office since established had received over 3,000 petitions from aggrieved members of the public who were victims of fraudulent practices of some Developers adding over #500m recovered from the exercise.
According to her, one of the numerous cases was that of Alhaji Abdulahi Ayobami Oseni who bagged 10 year in prison 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.
Blacklisting the Real Estate Agents found guilty of violating the rules were done after confirming their registration with the Corporate Affairs Commission.
The Governor’s aide 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 most of the petitions were from people who ignored it.
She disclosed that they have almost 3,000 registered practtioners already expressing hope that more will come at the 5th Market Place.
Barakat Odunuga-Bakare said that 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 said that 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 adding 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.
Looking back at the outcomes of the 4th Lagos Real Estate Marketplace Conference, Barakat Odunuga-Bakare noted that it produced robust partnership with Developers in the sector noting 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.
Over thirty Exhibitors are expected at the 5th Lagos Real Estate Marketplace Conference with the Theme” Reimagining the Lagos Landscape: Ensuring Sustainable Real Estate Development Practices,” at Eko Hotels and Suites, Victoria Island, Lagos.
