SPECIAL ADVISER CALLS FOR ROBUST REAL ESTATE REGULATION

AgegePulse Magazine 

The Special Adviser to Mr. Governor on Housing, Barr. Barakat Odunuga-Bakare has emphasised the significance of robust real estate regulations in the State, expressing optimism that the Greater Lagos Rising mantra of Governor Babajide Sanwo-Olu is achievable through collaborative efforts and adherence to regulatory standards.

Special Adviser to Mr. Governor on Housing, Barr. Barakat Odunuga-Bakare 

She stated this while delivering her keynote address at the Real Estate Outlook 2024 event organised by the Nigerian-British Chamber of Commerce (NBCC), themed “Looking Ahead, Gauging Opportunities”, aimed at providing a platform for stakeholders to explore prospects in the real estate sector held on Monday via Zoom.

While emphasising the pivotal role of regulatory measures in fostering a conducive environment for real estate development in Lagos State, the Special Adviser stated that Real Estate regulation must be transparent to achieve sustainable growth within the real estate industry.

Underlining the commitment of the Lagos State Government to prioritise the housing sector as part of its agenda to propel the state into a 21st-century economy, Odunuga-Bakare highlighted the implementation of the Affordable Home Ownership Scheme, underscoring the importance of real estate regulation within the sector.

In her presentation, she informed the gathering about the establishment of the Lagos State Real Estate Regulatory Authority (LASRERA), a regulatory agency tasked with overseeing the activities of individuals and organisations operating in the real estate sector. 

Odunuga-Bakare outlined LASRERA’s mandate, which includes issuing and renewing permit licences, investigating complaints, eliminating unethical practices, and conducting training for industry professionals.

She lauded the collaborative efforts between LASRERA and federal enforcement agencies, stressing the imperative of restoring confidence and trust among local and international investors by combating fraudulent practices effectively.

Furthermore, she stressed the importance of ensuring that only qualified professionals operate within the industry to safeguard the interests of buyers and investors.

Odunuga-Bakare, therefore, called for the cooperation of all stakeholders in registering with LASRERA to combat fraudulent practices effectively. 

She urged real estate practitioners to comply with the provisions of the State Real Estate Law and advised investors to verify LASRERA permits before engaging in property transactions.

The Special Adviser on Housing emphasised the need to sanitise the sector to encourage partnership with the private sector to boost confidence in investors.

Adeoti Sobowale

 Deputy Director Public Affairs.

LASRERA 

13th February, 2024.

LASRERA To Engage Real Estate Stakeholders On Regulatory Law | Theme: Redefining Opportunities in Real Estate: Regulations & Expectations" AgegePulse Magazine

By Ayodele Ifasakin  

Lagos State Real Estate Regulatory Authority, LASRERA, has concluded plans to engage relevant stakeholders in the Real Estate Sector towards redefining opportunities in Real Estate with relevant guidelines and Laws. 

 The Stakeholders' Forum scheduled to hold on Tuesday, August 3rd, 2021 at  Oriental Hotel, Victoria Island, with the theme:

"Redefining Opportunities in Real Estate : Regulations & Expectations", will focus on the impacts and benefits of LASRERA Law towards sanitising the Sector. 

The Special Adviser to Lagos State Governor on Housing, Mrs Toke Benson-Awoyinka said that discussions around the amended Estate Agency Regulatory Authority Law 2006, now the Real Estate Regulatory Authority Law 2021, becomes necessary in order to create a sustainable climate for ease of doing business in the sector. 

Benson-Awoyinka said that the Keynote Speaker for the event is Mr. Gboyega Fatimilehin,  Founding Partner, Diya Fatimilehin and Co while 

other Speakers include,  the MD/CEO, Knight Frank & Rutley, Mr. Frank Okosun,

Principal Partner, Gbenga Ismail, Vice Chairman NIESV, Lagos Chapter, Mr Wale Ayilara, MD/CEO Landwey Investment Group, Sarah Ene, Executive Director, International Center for Human Rights, Non-Violence and Safety Awareness, Uchenna Ikechukwu, Chairman, Nigerian Bar Association (NBA) Lagos Branch, Fayoade Adegoke, Officer-in-Charge State Criminal Investigation Department (SCID), Kunle Awolaja, Director, Lagos State Valuation Office, Bamidele Onalaja, GMD RevolutionPlus Group / Chairman REDAN 

Real Estate: We Seek Residents' Support To End Fraudulent Practices, Says Toke-Benson | AgegePulse Magazine

 

The Special Adviser to the Lagos State Governor on Housing, Mrs. Toke Benson-Awoyinka, has urged residents of the State to support the State Government's efforts to eliminate fraudulent practices in the Real Estate Industry by patronising registered Real Estate Practitioners/Property Developers. 

Toke-Benson Awoyinka

Benson-Awoyinka made the appeal on Friday while reviewing the activities of Real Estate Practice in the State during an online interview session with Thinkmint Nigeria - a marketing and communications company.

"We should not allow ‘briefcase’ Real Estate Agents/Property Developers and Artisans take over the Real Estate Sector to the detriment of professionals that abound across the State", the Special Adviser said.

 

While noting that Real Estate is not just about buying and selling property alone but also about the provision of quality services to potential clients, she advised stakeholders in the sector to leverage on the limitless opportunities in the value chain of the sector. 

The Special Adviser stated that the Mega City Status of the State necessitated the establishment of the Lagos State Real Estate Regulatory Authority (LASRERA) for the safety of residents, investors and the protection of the interest of players in the Real Estate industry, adding that with the Agency as the regulator, there would be maximum value and Return On Investment for investors in the industry. 

According to her, LASRERA has helped in boosting the State Government's image, promoted the ease of doing business and also increased foreign direct investment for Lagos State in the real estate sector. 

Benson-Awoyinka, who described Real Estate as Lagos State’s goldmine, maintained that the sector must be protected and public trust restored for the genuine practitioners to have a deep penetration of the Real Estate Market. 

Her words: "With the judgment of the Federal High Court in Lagos on Monday, 22nd March, 2021, which affirmed the constitutionality of the Lagos State Government, through Lagos State Real Estate Regulatory Authority (LASRERA), to regulate the sector in the State, the Agency has legal right to sanitise the real estate sector for increased growth and more investment opportunities across the State”.

Disclosing that the administration of Mr. Babajide Olusola Sanwo-Olu has worked towards increasing investor confidence and transparency in the sector, the Special Adviser revealed that a bill has been submitted to the State Assembly for inclusion of the Foreclosure Clause in the Lagos State Mortgage Law for the protection of the residents in the Real Estate. 

She said that the State's Real Estate Sector will conform with global best practices in easing business for investors in the Diaspora and Individuals with the assurance of the safety of return on their investments in the State Real Estate Sector. 

While appealing to the society at large to support all government initiatives in sanitising the sector, the Special Adviser warned citizens of the consequences of patronising unregistered real estate practitioners in the State.

She also advised the practitioners in the real estate value chain to support the government in making the sector viable and transparent for all local and international investors.

Our Mandate's To Bridge Housing Deficit In Lagos - SA, Toke Benson | AgegePulse Magazine

 

... Start Regeneration of Assets In Mainland, Gov. Sanwo-Olu Charges Real Estate Agents

Lagosians home and abroad soon will no long have a fear in purchasing decent, affordable housing in Lagos.

This development was disclosed by the Special Adviser to the Lagos State Governor on Housing, Mrs. Toke Benson Awoyinka as Lagos State Real Estate Regulatory Authority (LASRERA) hosted recently the first of its kind Real Estate Conference and Exhibition in the Real Estate Capital of Africa, with the theme: “Unearthing real opportunities in Real Estate.” at the Eko Hotel & Suits, VI, Lagos.

The epoch event which have in attendance, the Governor of Lagos, Mr. Babajide Olusola Sanwo-Olu, Government Agencies, Captains of Industries, Real Estate Agents, Estate valuers, and others Stakeholders in Real Estate Business was another turnaround initiative to solve housing deficit in Lagos.

Speaking at the event, The Governor harped on the need for massive regeneration of properties in mainland part of Lagos, charging real estate investors and private developers to divert their investment to rebuilding mainland and redistributing wealth from the business.

He said: “I need to charge the real estate investors that, everybody needs not build in Sangotedo or Ibeju Lekki. Let us go to mainland and start regeneration of the assets in that part of Lagos. This way, we would be redistributing wealth and creating opportunities for our citizens.

The Governor said the State’s Department of Lands had built the required capacity for smooth transition to the online platform, stressing that the plan was already in its final stage.

When the web-based platform is finally launched, there will be no need for applicants seeking for Certificates of Occupancy (C of O), survey and building plan approvals to physically submit paper documents for authorisation. All documentation and payments will be done by applicants from the comfort of their homes.

Sanwo-Olu said the new development would bring about quick turnaround time in land transactions and boost private investors’ confidence in provision of home ownership model that will address deficits in housing.

He said: “We have improved on our GIS solution to accelerating land matters in Lagos. From the first quarter of next year, we will be launching an online platform on which all land transactions will be done. When the project kick-starts next year, there will be one-stop shop for all transactions relating to land, including Governor’s approval on CofO, and building approval by Ministry of Physical Planning and Urban Development.

“We have given our commitment on this, because of the need to improve the turnaround time from when people submit their requests for approval and the time the authorisation is completed. We cannot afford to disappoint private investors and applicants seeking real time approval. We are raising our capacity, so that we can respond to the requests and discharge them.”

The Governor charged residents and property developers applying for approvals to stop cutting corners and circumventing the process, stressing that sharp practices would only make it difficult for impatient applicants to get their documents approved.

Earlier, Special Adviser to the Governor on Housing, Mrs. Toke Benson-Awoyinka, said the conference was held with an objective to bring stakeholders in property business in contact with relevant Government agencies and address bottlenecks slowing down property transactions.

She said LASRERA was created with a mandate to bridge the gap of credibility in property business, pointing out that the Government responded to the yearnings of industry players, having realised there were genuine real estate practitioners and property developers, as well as genuine home and property seekers who were desirous of credibility in real estate transactions in Lagos.

Benson-Awoyinka said the regulatory agency, since inception, had set processes in motion to change the negative image of property development business and check malpractices which the sector had faced in the last decades.

She said: “As a Government that is determined to bridge the housing deficit in the State, we are aware of our role in not just the provision of houses, but also create an enabling environment for the private sector working hand in hand to a desired end.

“We are making a renewed appeal to investors in the sector to team up with the State Government to create a home ownership model that will help address the deficits observed in housing market in the State our through Public Private Partnership (PPP) initiative in providing mass housing for our people.” Toke-Benson, Concluded

The two days conference featured exhibitions for home marketing firms, Government and private property developers.

There was also a panel of discussion in which private practitioners, heads of relevant Ministries and agencies provided explanations on housing market can be improved

Real Estate: The Era of Fraudulent Act's Gone in Lagos, Says Toke Benson, SA on Housing

...As LASRERA Launches, Website, Payment Portal

The Special Adviser to the Governor on Housing, Mrs. Toke Benson-Awoyinka has assured the residents of Lagos home and abroad that the era of fraudulent activities of Real Estate and Developers has gone in Lagos.

Token Benson stated this during the launching of the angency website: www.lasrera.com and payment portal at the Bagauda Kaltho Press Centre, Alausa, Ikeja, she said that the website became imperative so as to create, capture and update a Unified Central Database of Real Estate Practitioners and their activities within the State.

She said, “We are well aware of the trend of fraudulent practices of some Real Estate Agents and Property Developers; this is reflected in the complaints received by the Agency in recent times from residents who had fallen victims to fake Real Estate Practitioners and Property Developers while seeking for accommodation, purchase or sale of property, hence the need to have a comprehensive database that can be used to curb these fraudulent practices in the sector”.



The Special Adviser emphasised the vital need to sanitise the industry because Lagos is the commercial and economic nerve centre of Nigeria and Africa with lots of investments opportunities, adding that the State Government had also worked tirelessly over the years to curb the increasing fraudulent practices in the Real Estate sector.

She noted noted that the public presentation will assist in creating awareness and also educate residents of the State on the importance of patronising registered Real Estate Practitioners and Property Developers.

Speaking on the change of name from Lagos State Real Estate Transaction Department to Lagos State Real Estate Regulatory Authority (LASRERA), she stated that the administration of Governor Babajide Olusola Sanwo-Olu, in a bid to transform Lagos into a 21st Century Economy as enshrined in the T.H.E.M.E.S Agenda, approved the transition of the Department to an Agency on 7th February 2020.

According to her, part of the mandate of the new office includes the preparation of rules and regulations for the practice of Estate Agency and other connected matters in the State; identification of persons eligible to be licensed as Estate Agents and Renewal of Annual Licenses; Sanction of unlicensed Estate Agency Practitioners in the State, as well as the investigation of complaints and petitions against Licensed Estate Agency Practitioners, amongst others.

Benson-Awoyinka reiterated that the event complements the Smart City initiative of the present government, where service delivery will be technology-driven and readily available to the masses.

“We remain committed to providing an enabling environment and transparent Real Estate sector conforming to international best practices while safeguarding the ultimate interest of all the stakeholders. As a government, we have provided the creation of an innovative and sustainable environment to promote Lagos as a Real Investment destination in Africa and the World”, she said.

The Special Adviser averred that the website www.lasrera.com houses a brief history of the agency’s initiatives, aims and objectives, commitment to the people, a complaint section and a registration portal which allows practitioners to upload documents, stressing that the Agency also has social media handles for effective management and communication amongst the stakeholders.