The Lagos State Government has reaffirmed its commitment to implementing a monthly, quarterly, and yearly rent payment system, with a maximum payment period of one year.
This move aims to make rent more affordable for residents and protect property owners’ interests.
Key Highlights
– Rent Payment System: The government is engaging with stakeholders to ensure a smooth rollout of the new rent payment system.
– Indiscriminate Rent Increases: The government has expressed concern over unwholesome practices among estate agents, leading to arbitrary rent increases.
– Regulation of Fees: The Lagos State Real Estate Transaction Law specifies that chargeable fees should not exceed 10% on real estate transactions.
– Collaboration with ERCAN: The government is partnering with the Estate, Rent, and Commission Agents Association of Nigeria (ERCAN) to promote the new rent payment system and regulate the real estate sector.
Quotes from Officials
– “The existing law recognizes your role and specified percentage of chargeable fees of not more than 10% on real estate transactions.” – Hon. Moruf Akinderu-Fatai, Commissioner for Housing
– “We are committed to rent affordability and will assist the Lagos State Government to promote monthly, quarterly, and yearly rent systems.” – Mr. Godwin Aleke, President of ERCAN
Next Steps
The Lagos State Government is working with ERCAN and other stakeholders to sanitize the real estate practice in the state.
The meeting between government officials and ERCAN executives marks the beginning of a collaborative effort to regulate the sector and protect the interests of both property owners and tenants.