AN ADDRESS DELIVERED BY SPECIAL ADVISER TO THE LAGOS STATE GOVERNOR ON HOUSING, MRS TOKE BENSON – AWOYINKA, AT THE 6TH CITY PEOPLE REAL ESTATE AWARDS 2021, HELD AT 10 DEGREES EVENTS CENTRE, BILLINGS WAY, OREGUN, LAGOS ON SUNDAY,JULY 25TH, 2021.
I am delighted to be part of the 6th City People Real Estate Award 2021, organised to honour Top Real Estate Players in the Sector.
The idea for this award ceremony is a welcomed development considering the critical roles of all the relevant stakeholders that make this important sector.
Specifically, the Real Estate Sector play important roles in the economic development and growth of any country, including Nigeria and Lagos State being the Commercial Centre of all business transactions, plays an integral role in this direction.
Although the abundant opportunities in Nigeria’s Real Estate Sector is yet to be fully harnessed, however, the sector is still one of major contributors to economic activities generally as well as the Gross Domestic Product, GDP of the Country.
Why it is obvious that we are not where we want to be in this sector yet, recognizing the fact that we have made appreciable progress in the last couple of years, make this award ceremony commendable and a step in the right direction that will further encourage real estate practitioners and all other relevant Stakeholders especially today’s awardees.
It is an undeniable fact that Lagos State is at the fore front of sanitizing this sector and ensuring that practitioners operate within the ambit of relevant laws that guide their profession.
Ladies and gentlemen, one of the major subjects of debate over time in the Real Estate Sector is the incidences of fraudulent practices of some Individuals/Practitioners who are in the act of defrauding unsuspecting Property/ Accommodation Seekers in the State.
As a matter of fact, the need to sanitize this Sector and get rid of impostors necessitated the establishment of Lagos State Real Estate Regulatory Authority, LASRERA, under the supervision of the Special Adviser to the State Governor on Housing.
It is my belief that the vision of Making Lagos a 21st Century Economy cannot be realized without paying adequate attention to this Sector, hence the involvement of LASRERA as a Regulatory Body for the Sector across the State.
As I speak, efforts are ongoing by the State Government to restore sanity and public confidence into the Sector so that Lagos Real Estate Sector can compete with its counterparts globally through orderliness and growth.
As part of efforts of this present Administration, the State Government through LASRERA has leveraged on technology to make it easy for Individuals anywhere in the World to access the data of accredited Real Estate Individuals / Organisations online via lasrera.lagosstate.gov.ng
This is one of the strategies, the State Government is using to curb proliferation of uncertified Practitioners, quackery and unprofessionalism which is believed to be the major challenge confronting the growth and development of the Industry.
In furtherance to protect lives and properties of the citizenry and also build confidence in the minds of potential consumers and prospective investors in the Real Estate Sector, LASRERA has organized series of Stakeholders Forum as a way of building healthy relationships among all the relevant Stakeholders in the Built Sector.
Worthy of mention also is a bill presently before the Lagos State House of Assembly on Real Estate business in the State. The State Government wants to back its position about Real Estate activities by relevant Laws and make the Laws in tune with present realities.
Let me use this opportunity to make a renewed appeal to investors in the Sector to team up with the State Government to create a home ownership model that will help address the deficit in the housing market in Lagos State through Private Public Partnership (PPP), Joint Venture Projects.
As a Government, we are determined to bridge the housing deficit, minimize if not eliminate the rate of fraudulent practices in the Real Estate Sector, if all hands are on deck.
Once again, I thank the management of City People for the event and for recognizing key players in the Real Estate Sector.
Thank you and stay blessed.
IGBEGA IPINLE EKO AJUMOSE WA NII
Mrs. Toke Benson – Awoyinka
Special Adviser the State Governor on Housing (MOH)
July 25th, 2021.