Following the recently signed Lagos State Real Estate Regulatory Authority Bill to Law by Lagos State Governor, Mr Babajide Sanwo-Olu, the Special Adviser to the Governor on Housing, Mrs Toke Benson-Awoyinka has averred that the new law will make real estate transactions in the State conform with global and professional best practices.
Benson-Awoyinka recalled that Governor Sanwo-Olu signed the Bill into Law at Lagos House, Ikeja on Monday in order to regulate, sanitize and monitor the activities of Real Estate Transactions Market through Lagos State Real Estate Regulatory Authority- LASRERA.
Speaking about the new Law, the Special Adviser to Lagos State Governor on Housing, Mrs. Toke Benson-Awoyinka explained that the law seeks to protect individuals from illegal Real Estate Transactions and fraudulent persons / organisations in the Real Estate Sector in the Lagos State.
She stated that with the signing of LASRERA’s Law by Mr Governor,’’ the registration of tenancy agreements below 5years are now expected to register their transactions with the Agency in order to have data warehouse of transactions, persons, organisations in the Real Estate Sector of the State.
Benson-Awoyinka maintained that the signing of the Real Estate‘s Law will boost financial transparency in the sales/purchases of properties, adding that investors/investees can now be prosecuted upon discovery of fraudulent practices in transactions in the Real Estate Sector.
Toke Benson-Awoyinka said that “it is now an offence for an individual / Organisation to engage in Real Estate business in Lagos State without being registered with the Agency”, urging Real Estate practitioners in the State to comply with the provisions of the new Law.
The Special Adviser added that the new law will contribute to ease of doing business in the State by curbing fraudulent and sharp practices as well as unregistered Practitioners in the Sector.
She revealed that the new law has now professionalised Real Estate practice, stressing that the minimum educational requirement to practise in the State is WASSCE in additon to certification from a professional Agency which has power to organise stakeholder’s workshops/ training periodically for those in the sector.
Asst. Director Public Affairs LASRERA
9th February, 2022.