LASG ADVISES DUE DILIGENCE ON REAL ESTATE BUSINESS TRANSACTIONS

Lagos State Government has advised potential real estate investors to always check the registration portal of the Lagos State Real Estate Regulatory Authority (LASRERA) via its website: lasrera.lagosstate.gov.ng for the list of registered individuals/organisations captured on the agency’s database before committing to any real estate business transactions in the state.   

The Special Adviser to Lagos State Governor on Housing, Barr. Barakat Odunuga-Bakare gave this advice on Thursday at the Y2024 Ministerial Press Briefing held at Bagauda Kaltho Press Centre, Alausa, Ikeja.

Responding to the growing concerns raised over unregistered real estate practitioners and the proliferation of imposters, Barr. Barakat Odunuga-Bakare emphasised the importance of due diligence, especially in areas where new estates and construction works are ongoing.

She highlighted the efforts of the Lagos State Government through LASRERA to safeguard both local and international investors from falling victim to fraudulent schemes.

She disclosed that the strategies put in place by the state government to regulate activities within the real estate sector will serve as a deterrent to fraudulent practices within the real estate sector and enable swift intervention and sanctions against erring practitioners.

Odunuga-Bakare also underscored the effectiveness of LASRERA’s regulatory measures, noting that the agency’s database currently boasts 925 registered individuals and organisations, with an additional 2550 practitioners in the process of enrollment.

“LASRERA has a database of 925 registered individuals/organisations on its registration portal while over 2550 practitioners have enrolled to be registered”. Odunuga-Bakare stated.