Fraudulent Developers Discouraging Genuine Real Estate Investors

September 11, 2020
Real Estate Investors

By Modupe Gbadeyanka

Urgent steps have to be taken to sanitise the real estate industry in Lagos State so as to attract both local and foreign investments into the sector, the Special Adviser to the Lagos State Governor on Housing, Mrs Toke Benson-Awoyinka, has submitted.

Speaking at a stakeholders’ meeting held at The George Hotel, Ikoyi, on Thursday, she said fraudulent practices by some developers have discouraged genuine investors in the industry, especially from outside the country.

According to her, the state government had to come in to restore the confidence of investors, noting that this was why the administration of Mr Babajide Sanwo-Olu decided to create a robust database for practitioners in the sector, which would be easily accessed by members of the public, who would want to engage their services.

She explained to the participants that the meeting was mainly to deliberate on ways the housing sector can contribute towards achieving a 21st-century economy as well as measures needed to curb the high rate of fraudulent practices in the industry in Lagos.

Acknowledging the vital roles of the participants in Lagos real estate sector, especially in facilitating business relationships between sellers and buyers, the Special Adviser maintained that stakeholders must work with the Ministry of Housing to enhance the integrity and reputation of the property market in line with the vision of the state government.

“Real estate is the oil of Lagos State and greater opportunities abound in the industry, through the confidence and trust of clients during business transactions.

“It is required that every real estate practitioner/property developer must register with the Lagos State Real Estate Regulatory Authority (LASRERA) to assist the agency to build a robust database for practitioners in the sector and ease of accessibility for members of the public, who would want to engage their services”, the Special Adviser reiterated,” she said.

The Governor’s aide also used the occasion to inform the participants that the Real Estate Regulatory Authority Bill was before Lagos State House of Assembly for necessary review and assent.

Responding, the developers, who stressed the need to sanitise and regulate the sector, pleaded with the state government to provide complementary infrastructure in order to reduce the cost of development while making it more affordable and accessible to the people.

They also requested that a one-stop-desk should be created by LASRERA for resolving issues around government processes as well as transactions.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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