Govt seeks to curb fraudulent practices in real estate

The Lagos State Real Estate Regulatory Authority on Tuesday said it was set to curb fraudulent activities in the real estate sector with the right laws and regulations.

The Special Adviser to Governor Babajide Sanwo-Olu on Housing, Mrs Toke Benson-Awoyinka, said this at a stakeholders’ forum with the theme, ‘Redefining Opportunities in Real Estate: Regulations and Expectations,’ organised by LASRERA.

She said, “This event is organised to ensure that the policies of the Lagos State Government for the real estate industry gains the confidence of real estate agents, with a view to curbing fraudulent practices and remove negative and potentially risk in the industry.”

Benson-Awoyinka noted that the continuous rise in population in the state had led to higher demand for home ownership, hence the need for practitioners to address the challenge.

The state Attorney General and Commissioner for Justice, Moyosore Onigbanjo, said the LASRERA bill was passed by the Lagos House of Assembly in July and would soon be signed into law by Sanwo-Olu.

“The bill will eliminate fraudulent practices in the real estate sector, and boost the confidence of investors,” he said.

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