In line with its mandate to regulate, sanitise and effectively monitor the Real Estate Sector, the enforcement unit of the Lagos State Real Estate Regulatory Authority (LASRERA), has extended its enforcement drive to parts of the state in order to ensure that real estate practitioners operating in the state duly register their presence with the Authority.
The enforcement and sensitisation exercise which kicked-off yesterday at Ikeja and its environs is expected to be replicated across other divisions of the state as part of strategies by LASRERA to raise public awareness about the state government efforts to sanitise the real estate sector in the State. Speaking on the move to sanitise the sector, at commencement of the compliance enforcement exercise, the Special Adviser to the State Governor on Housing, Mrs. Toke Benson-Awoyinka explained that it is important to notify members of the public that it is an offence to practice real estate in any of its forms including those displaying, “To Let, To Lease, For Sale etc” in their offices or on prop- erties without being duly registered with the Agency. Benson-Awoyinka, who was represented the Director, Enforcement Unit of LASRERA, Mr Deji Badejo, during the exercise, said that there is need to restrict pasting of banners on residential and commercial properties by unregistered Real Estate Individuals/Organisations who can easily swindle unsuspecting members of the public of their investments or hard earnings money.
She added that many members of the public have been defrauded in the past by imposters and fraudulent real estate practitioners, stressing that government cannot continue to fold its arms and allow irregularities that are capable of driving many genuine investors/ investees away from the sector again. While assuring all residents of the state that the enforcement drive will be a continuous exercise, Benson- Awoyinka also stated that the Agency had earlier written letters to over 1000 Real Estate Individuals/ Organisations in the state to honour the state government’s call for regularisation of the sector, while also expanding the market confidence of those in diaspora to invest in the sector.