Efforts Towards Restoring Investors’ Confidence In Real Estate Sector Yielding Positive Results – Lagos State Govt

The Lagos State Government has stated that efforts towards restoring investors’ confidence in the real estate sector, especially for those in the diaspora, are yielding positive results.

The government maintained that issues of fake/dubious practitioners and other sharp practices in the sector are being frontally addressed by the present administration in the State in collaboration with relevant professional bodies in the industry.

The Special Adviser to the State Governor on Housing, Barr. Barakat Odunuga-Bakare made this known on Tuesday at the opening session of a two-day Nigeria Investment Summit organised by the Association of Estate Agents in Nigeria (AEAN) held in Victoria Island.

She added that LASRERA, the regulatory agency for the sector established by the state government, has been working hand-in-hand with the federal government’s law enforcement agencies to combat fraudulent practices and arrest impostors in the sector.

According to her, the establishment of the Agency was aimed at restoring confidence, trust, and protecting the interests of both local and international investors in the state.

She noted that since its establishment, LASRERA has taken significant steps 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.

Her words, “Worthy of note is the agency’s intervention in the alleged N40 Million Land scam issue some time ago involving one Mr. Kayode Oladipo. The outcome of the whole issue exemplifies our commitment to transparency and zero tolerance for fraudulent activities in Lagos State’s real estate sector”.

She informed that the registration of only qualified real estate professionals with recognised organisations by LASRERA  had helped curb the risks associated with unregistered agents and briefcase operators prevalent in Lagos State.

Barakat Odunuga-Bakare, therefore, reminded individuals and organisations who are practitioners in the real estate sector yet to register with LASRERA to do so without further delay.