In a move aimed at addressing the rising cost of housing transactions and restoring order to the built environment, the Lagos State Real Estate Regulatory Authority (LASRERA) has announced a strategic collaboration with the Chairmen of the 57 Local Government Areas (LGAs) and Local Council Development Areas (LCDAs) across the State.
This initiative is designed to regulate and reduce agency and legal fees charged by real estate practitioners, thereby easing the burden on residents and promoting transparency in property transactions.
Speaking during the meeting with the Council Chairmen, the Commissioner for Housing, Hon. Maruf Akinderu Fatai, stated that: “The aim of the collaboration is not only to reduce the exorbitant fees being charged by some property agents, but to bring sanity to the built sector and make life easier for the average Lagosian. Housing is a basic necessity, and we are committed to ensuring it is accessible and affordable.”
Also addressing the gathering, the Special Adviser to the Governor on Housing, Hon. Barakat Odunuga-Bakare, emphasised that Agency fees must be between zero and 10 per cent. Anything beyond that is unacceptable and exploitative. The Lagos State Government’s ultimate goal is to achieve monthly payment of house rent, and we are working tirelessly toward this reality.
Urging Lagos residents to only patronise agents and developers who are duly registered with LASRERA, Odunuga-Bakare said, “We want members of the public to understand that doing business with unregistered agents poses serious risks. LASRERA exists to protect both tenants and landlords, and we will not relent in our effort to restore sanity to the built sector.”
The collaboration with LGA and LCDA Chairmen is a major step in extending LASRERA’s regulatory oversight to the grassroots, where most housing transactions take place. It also reflects the government’s commitment to fair and affordable housing practices in all parts of the state.
The Special Adviser imploreds members of the public to visit the LASRERA website to verify the registration status of property agents before any transaction with them and that they should also file complaints against defaulters.
Lagos State Real Estate Regulatory Authority
#AGreaterLagosRising
#LASG