Lagos Govt Says Efforts to Restore Investor Confidence in Real Estate Sector Yielding Positive Results as Two-Day Event Gets Underway

The Lagos State Government says efforts towards restoring Investors’ confidence in the Real Estate sector especially for those in the diaspora is yielding positive results.

It insists that issues of fake/ dubious practitioners and other sharp practices are frontally addressed by government and the relevant professional bodies in the industry.

The Special Adviser to the Governor on Housing, Barakat Odunuga-Bakare disclosed these at the opening of a two-day Nigeria Investment Summit organized by the Association of Estate Agents in Nigeria (AEAN) in Victoria Island.

She said that the that established LASRERA empowers the agency to collaborate with the federal government enforcement agencies to combat fraudulent practices effectively in the sector.

According to her, the law was aimed to restore confidence, trust, and protect the interests of both local and international investors noting that it shows significant step towards promoting investment and development within the state’s real estate sector

The Special Adviser further said that in promoting investment and development in the sector, LASRERA has made commendable progress in addressing grievances that emanated from real estate transactions in the State by resolving 1027 out of 1577 petitions received.

The Governor’s aide noted that LASRERA register only qualified real estate professionals with recognized organizations that operate in the sector.

She said that the measure had curbed the risks associated with unregistered agents and briefcase operators prevalent in Lagos State.

Barakat Odunuga-Bakare remided individuals and organizations who are practitioners in the real estate sector yet to register with LASRERA to do so with ease.

On his part, the State Commissioner for Housing, Hon Akinderu Fatai Moruf said although there are various challenges adding government will ensure the gains over the past years are sustained.

According to him, such gains were deliberate since the plans started way back in 1999 under the leadership of former Governor, Bola Tinubu.

Akinderu hinted that the state is open to collaboration with all major stakeholders to ensure that its original master plan is restored stressing that LASRERA has brought sanity to the system.

Also speaking his counterpart in the Ministry of Physical Planning and Urban Development, Oluyinka Oluyide said registration of Building in the state is now mandatory vowing government will ensure violatos don’t have access to loan from banks.

He said that the state Government had kicked off the process to review the expired Model City plan for another twenty years.

According to him, it is important stakeholders interface with government to familiarise with policies adding the plans of the association tallied with the Agenda he set out to achieve.

Making reference to the value of the master plan, Oluyide said that it was difficult for men of the fire service to move into Mandillas building when it was gutter by fire due to lack of access road.

He challenged the association to raise alarm when building and layout plans are violated for government to do the needful.

During the panel session, Dr Lolia Idu who is the Managing Director, PWAN sterling stressed that
Integrity and excellence is the key ro navigate the difficult terrain in the sector.

She also said that the Realtors must be familiar to monitor activities in the sector in order to network effectively.

According to her, Product knowledge is very important as well as training to improve on services rendered to clients.

Dr Christie Kanu of the Property Crow Group also emphasised the need to have good knowledge of the market, the property and knowing the Clients very important.

She was of the view that the dynamism of the market and Digital marketing is key too to expand in real estate pursuit.

In her contribution, Ciara Holloram from the United States of America advised the practitioners to start small and grow big.

She stressed the need to collaborate with the people of likeminds to connect customers around the world.

A major industry player from the Diaspora, Billy Ekofor admonished his colleagues to know how government regulations and policies could affect the industry.

He also enjoined them to always apply Technology to fast track necessary transactions between parties.

Theme of the two-day summit is “Regulation and Transparency: Promoting Investment and Development within the Real Estate Sector”.

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