The Lagos State Government has charged professional bodies in the real estate sector to support efforts to reduce rent burdens on Lagosians and eliminate illegal fees.
The government urged the Nigerian Institution of Estate Surveyors and Valuers, Real Estate Developers Association of Nigeria, and Association of Estate Agents in Nigeria to stem the practice of charging excessive fees.
Stakeholders’ Meeting
The stakeholders’ meeting, chaired by Commissioner for Housing Moruf Akinderu-Fatai and Special Adviser on Housing Barakat Odunuga-Bakare, aimed to promote sanity in the real estate business.
The government emphasized the need for cooperation to enforce existing laws regulating real estate transactions.
Existing Laws
The Lagos State government cited existing laws, including the 2015 Tenancy Law and the Lagos State Real Estate Regulatory Authority Law, which specify chargeable fees of not more than 10% on real estate transactions.
Professional Bodies’ Response
Representatives of the professional bodies expressed readiness to collaborate with the government to address high rent costs and excessive charges.
They pledged to promote advocacy, public enlightenment, and sensitization programs on best practices in real estate transactions.