The Lagos State Government has called on stakeholders in the real estate sector to work out modalities for residents to pay house rents on monthly basis instead of yearly.
Lagos State Governor, Mr. Babajide Sanwo-Olu, made the call on Thursday in Lekki, during the Policy Roundtable Dialogue with key stakeholders in the Real Estate Sector.
The roundtable, with the theme ”International Best Practices On Real Estate Regulations”, was organised by the Lagos State Real Estate Regulatory Authority (LASRERA).
Sanwo-Olu said that a situation whereby residents faced pressure once their rents were due was not palatable, hence, should be looked into.
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He called for synergy between the state government and stakeholders in the real estate sector to address the issue of housing deficit and reduce rents in the state.
The governor said that this would help to make life easier for Lagosians.
According to him, partnership and good relationship between the state government and stakeholders will lead to people living in a conducive environment.
Sanwo-Olu said that the housing deficit in Lagos State was huge, and urged private practitioners to play by the rules.
The real estate can contribute 20 to 25 percent to the GDP. We need to have clear data where landlords would no longer be demanding one year rent ahead.
Landlords should see how they can reduce yearly rent to monthly. The housing deficit in Lagos is huge and unacceptable, but the government cannot do it alone,” he said.
The governor said that it was clear that there was no proper data concerning the real estate operators in the state.
He said that this necessitated the LASRERA Registration Portal being set up.
This platform will also ensure that we curb bad behaviours either on the landlord side or the tenant side.
”We have a deficit, and even the small one we have is not properly done. People are losing money, people are not being sincere,” he said.
Mrs. Toke Benson–Awoyinka, the Special Adviser to the State Governor on Housing, said that the LASRERA Registration Portal contained the databank of registered practitioners in the real estate sector.
Benson–Awoyinka said that the agency’s regulatory role was to make it easy for potential customers wanting to either buy or sell the property to do so from Licensed Real Estate Practitioners/ Property Developers without any fear.
She said that the agency had made this possible through the LASRERA’s Portal, where the databank of registered practitioners in the Real Estate Sector is situated.
The Special Adviser called on stakeholders to make the portal more robust, such that it would serve as a platform that would facilitate foreign investment to the state.
