Wednesday 30th October, 2019 was a special day at the Eko Hotel & Suites, Victoria Island, as Lagos State Real Estate Transaction Department (LASRE TRAD), a parastaltal under the Lagos State government Ministry of Housing, put together a wonderful event of real estate stakeholders/agency business in Lagos. It’s an engagement between stakeholders in the real estate and Lagos State Government.
It was an avenue created for real estate practitioners and real estate agencies to tell government some of the bottlenecks in real estate practice. It was a platform where concerns were raised and government gave immediate response.
This year’s stakeholders engagement on real estate/agency business lived up to its billing, as top real estate players stormed Eko Hotel enmasse, while Lagos State government, led by H.E, Governor Babajide Sanwo Olu (Governor of Lagos State), and his Deputy Dr. Babafemi Hamzat, were in attendance. Also at the venue were Mrs. Toke Benson Awoyinka (Special Adviser to the Governor on Housing), Hon. Moruf Akinderu-Fatai (Commissioner For Housing, Lagos) and many others.
FUNCTIONS OF LAGOS STATE REAL ESTATE TRANSACTION DEPARTMENT
The main purpose of this platform is to enable government to regulate the activities of real estate in Lagos. The platform will also be used to curb unregistered agents and swindlers in the real estate sector. So, Lagos State government has concluded that all real estate practitioners in Lagos should register their companies with LASRE TRAD.
The Lagos State Real Estate Transaction Department (LASRE TRAD) was established by executive order No. EO/BRF/009 of 2001 and it’s saddled with the responsibility to regulate, monitor and develop an institutional frame work for real estate transactions in the state.
The following are the responsibilities of LASRE TRAD: Registration of the real estate agents/ developers across the state. Entrenching the principle of fair play, orderly conducts and accountability in the real estate sector of the state. Monitoring compliance with the Lagos State Tenancy Law of 2011 and other state Legislation on land transactions. Preparing rules and regulations for the practice of real estate transactions in the state. Issuance and renewal of licenses annually. Investigation of complaints and petitions against licensed and unlicensed real estate agents/practitioners and imposing sections in accordance with the Law where necessary. It will also organize stakeholders forum to deliberate on issues and challenges in the sector annually.
SOME OF THE BENEFITS IT HAS FOR STAKEHOLDERS
Eradicating of sharp practices. Elimination of unethical real estate agents/developers in the sector. Enhance transparency in real estate transactions by discouraging fraudulence and deceitful representation. It also ensures the security of investment in real estate transactions. Creating societal values that will sustain the position of Lagos State as a preferred real estate hub, provision of necessary support to prospective investors in the real estate sector and many others.
COMMISSIONER FOR HOUSING, LAGOS STATE’S, OPENING REMARKS
Hon. Commissioners For Housing Lagos State, Hon. Moruf Akinderu Fatai was one of the early comers to the event and he was called on stage to deliver his speech briefly after the commencement of the event.
The commissioner simply stated the need for all real estate players and agents in the state to embrace the Initiative of Lagos State Real Estate Transaction Department, that the platform will reduce quacks in the industry. The plan will bring sanity and transparency into the sector.
The commissioner stated that government will ensure Lagos is known for best practices, especially in this real estate dealing.
“For our nation to be respected, there must be sanity in all sectors including real estate”. He said the main reason for creating LASRE TRAD is to standardise the practices of real estate, especially in Lagos. And it’s the responsibility of this department to register and monitor the activities of the real estate business and agencies operating within the sector. He also urged real estate agents to be transparent in their dealings and to also register with LASRE TRAD.
LAGOS STATE GOVT REVEALS PLAN FOR REAL ESTATE
The Lagos State governor and his deputy were the obvious 2 big names at the event. The Lagos State Deputy Governor, Dr. Kadiri Babafemi Hamzat gave a Key-note address and he revealed a lot about their plans for real estate practice in Lagos.
The Deputy Governor stated the importance of the forum which is to address the emerging issues in the real estate sector and develop creative ways of finding lasting solution to incidences of fraudulent and unprofessional practices that have been observed over time. He also said that the motive of the forum which is to address the unscrupulous element in the practice of real estate activities in Lagos impersonating the genuine business owners in the real estate sector.
He reiterated that the business of real estate will grow if all agree to use the platform (LASRE TRAD). “With it, I know where to go if I want to buy a house. I don’t have to go patronize fake agent. So, we are determined to make this work”, he stressed.
GOVERNOR SANWO OLU, TALKS TOUGH
Lagos State Governor, Mr. Babajide Sanwo Olu also commented when he was asked what he thought about the forum. He said; once we get it right from the engagement like this, not only would things work quicker and better for us, it will come smarter and people would have more confidence. Because issues between tenants and Landlords will be resolved. Issues of Fraudulent property agents will also be resolved. Even we can be able to resolve future plans. You want to buy off-plan and you gave your money to Mr. A or B, government will be aware of this. So government will protect you and monitor those developments as they are ongoing.
Government will also know the genuine players in the market and government will also play its own part. How quickly do we give C of O and how quickly do we ensure the transaction cost is reduced?
“This is key so, that we can grow this economy and Lagos State can become a destination choice for everyone.