The Lagos State Government has said the newly signed real estate regulatory law by Governor Babajide Sanwo-Olu will curb illegal practices in the sector.

Sanwo-Olu had signed the bill into law in order to regulate, sanitise and monitor the activities of real estate transactions market through the Lagos State Real Estate Regulatory Authority.

The Special Adviser to the Governor on Housing, Mrs Toke Benson-Awoyinka, in a statement on Wednesday, explained that the law would protect individuals from fraudulent persons in the sector.

She said, “With the signing of LASRERA’s law by Governor Babajide Sanwo-Olu, the registration of tenancy agreements below five years are now expected to register their transactions with the agency in order to have data warehouse of transactions, persons, organisations in the real estate sector of the state.

“This will also boost financial transparency in the sales or purchases of property as investors/investees can now be prosecuted upon discovery of illegal or fraudulent practices in transactions in the real estate sector and it is now an offence for an individual or organisation to engage in real estate business in Lagos State without being registered with the agency.”

Benson-Awoyinka also said the law has elevated the educational requirements of the real estate sector.

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“The new law has now professionalised real estate practice because the minimum educational requirement to practise in the state is West African Secondary School Certificate Examination in addition to certification from a professional agency which has power to organise stakeholders’ workshops and training periodically for those in the sector,” she added.

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