LASG CLARIFIES LASRERA’S ROLE IN SANITISING LAGOS REAL ESTATE SECTOR
The Permanent Secretary, Lagos State Ministry of Housing, Engr. Abdulhafis Toriola, has reaffirmed the commitment of the Lagos State Government to promoting transparency, professionalism, and consumer protection in the real estate sector through the activities of the Lagos State Real Estate Regulatory Authority (LASRERA).
Speaking during a television programme on Lagos Television (LTV), Engr. Toriola explained that LASRERA was established to regulate real estate transactions in the state, protect residents from fraudulent practices, and ensure compliance with extant laws governing tenancy and property transactions.
Addressing concerns over agency and legal fees charged by real estate practitioners, the Permanent Secretary noted that the Lagos State Tenancy Law clearly stipulates that where a legal practitioner prepares a tenancy agreement, the legal fee should not exceed ten per cent of the annual rent.
He emphasised that LASRERA continuously monitors compliance and takes appropriate action against violators. According to him, residents who believe they are being charged above the approved rate by estate agents or legal practitioners can report such cases to LASRERA for investigation and necessary sanctions.
Engr. Toriola also disclosed that the Authority is currently upgrading its website to provide more comprehensive information and improve interaction between the public, estate agents, developers, and other stakeholders.
He stated that details of registered practitioners and their activities would be accessible on the platform, while residents would also be able to make enquiries and receive feedback online.
He added that members of the public can currently reach LASRERA through its dedicated telephone lines, email address, social media platforms, or by visiting its office at Block 21, First Floor, Lagos State Secretariat, Alausa, Ikeja.
On the registration of real estate practitioners, the Permanent Secretary stressed that all estate agents and developers operating within Lagos State are required to register with LASRERA. He noted that prospective practitioners can commence their registration process by visiting the Authority’s office.
He warned that failure to comply with LASRERA’s registration requirements constitutes a breach of the regulatory framework governing real estate practice in the state and may attract sanctions, including prosecution before a court of competent jurisdiction.
Speaking on concerns raised by some practitioners regarding registration fees, Engr. Toriola explained that the fees should be viewed as an investment in professionalism, consumer protection, and industry credibility rather than a financial burden.
According to him, the registration process enables the Authority to maintain an accurate database of practitioners, monitor transactions, investigate complaints, eliminate fraudulent operators, and strengthen public confidence in the real estate market.
“LASRERA was established to protect residents from fraudulent real estate transactions, fake agents, and unethical practices. Registration promotes accountability and enhances the credibility of genuine practitioners while creating a safer environment for investors and property owners”, he said.
The Permanent Secretary further highlighted the Authority’s commitment to supporting the State Government’s vision of achieving more flexible rent payment options for residents, including monthly rent arrangements where practicable.
He explained that LASRERA is working closely with landlords, developers, estate practitioners, and other stakeholders to create a more transparent and tenant-friendly housing market that aligns with government policies aimed at improving housing accessibility.
Engr. Toriola reiterated that through stakeholder engagement, regulation of tenancy transactions, enforcement of standards, and continuous public enlightenment, LASRERA remains focused on building a more transparent, accountable, and investment-friendly real estate sector in Lagos State.
He urged residents to patronise only registered practitioners and to report suspicious activities to the Authority, noting that collective vigilance is essential to sanitising the sector and protecting the interests of all stakeholders.
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