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Lagos Government to Clamp Down on Illegal Realtors by 2024

The Lagos State government has vowed to crack down on illegal real estate practitioners operating within the state by 2024. The announcement came from Barakat Odunuga-Bakare, Special Adviser to the Lagos State Governor on Housing, at a stakeholders’ engagement and interactive session organized by the Lagos State Real Estate Regulatory Authority (LASRERA).

Registration and Renewal Requirements

Odunuga-Bakare stated that developers, agents, and other players in the real estate business must register or renew their yearly subscription with LASRERA before they can operate. “Next year is not going to be business as usual for those in the real estate business that are not registered with LASRERA because they are practicing illegally,” she said.

Enforcement and Consequences

Odunuga-Bakare warned that LASRERA would not spare those who are registered but do not renew their yearly subscription with the agency. “If the LASRERA’s enforcement team discovers any realtor that is advertising their companies without the logo of LASRERA alongside theirs, such organization will be brought to book,” she added.

Satellite Offices for LASRERA

In order to achieve its mandate of sanitizing the real estate sector, LASRERA plans to open satellite offices in each local government area. Odunuga-Bakare explained that this would make the registration process easier for real estate practitioners and help the agency have comprehensive data on practitioners within the state.

Digitization of Land Acquisition Process

Kamar Olowoshago, Permanent Secretary of Land Bureau in Lagos State, said that the state government is working towards digitizing the process of acquiring land in the state and will launch it soon. The digitization aims to reduce bureaucracy and authenticate the status of the land to prevent fraud.

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Orginal article: Link To Article – provided by Kansas City Realtors