Lagos Launches Real Estate Revolution: Sanwo-Olu’s Aide Calls For Unified Support In Regulatory Overhaul

Lagos Launches Real Estate Revolution: Sanwo-Olu’s Aide Calls For Unified Support In Regulatory Overhaul

In a bid to revolutionize real estate practices and propel Lagos into a 21st-century economy, Barrister Barakat Odunuga-Bakare, Special Adviser to Lagos State Governor, Babajide Sanwo-Olu on Housing, has emphasized the critical importance of robust real estate regulations and stakeholder collaboration….READ ALSO AFCON: Governor Sanwo-Olu Reflects On Nigeria’s Defeat To Ivory Coast

Speaking at the Real Estate Outlook 2024 event organized by the Nigerian-British Chamber of Commerce (NBCC), Odunuga-Bakare highlighted the pivotal role of transparent regulatory measures in fostering a conducive environment for real estate development in the state.

She stressed that sustainable growth within the real estate industry hinges on regulatory transparency and adherence to standards.

Underlining the government’s commitment to prioritize the housing sector, she underscored the implementation of the affordable homeownership scheme, emphasizing the necessity of effective real estate regulation in driving sectoral growth.

Odunuga-Bakare informed stakeholders about the establishment of the Lagos State Real Estate Regulatory Authority (LASRERA), tasked with overseeing real estate activities. LASRERA’s mandate includes issuing permits, investigating complaints, and eliminating unethical practices, among others.

She applauded the collaborative efforts between LASRERA and federal enforcement agencies, emphasizing the importance of restoring confidence among investors by combating fraudulent practices effectively.

Furthermore, Odunuga-Bakare stressed the need for qualified professionals to operate within the industry to safeguard the interests of buyers and investors. She called for the cooperation of all stakeholders in registering with LASRERA to combat fraudulent practices effectively.

In conclusion, she urged real estate practitioners to comply with state real estate laws and advised investors to verify LASRERA permits before engaging in property transactions. Emphasizing the need to sanitize the sector, she encouraged partnerships with the private sector to boost investor confidence.