Lagos State Government has charged the leadership of the Nigerian Institution of Estate Surveyors and Valuers (NIEVS), Real Estate Developers Association of Nigeria (REDAN) and Association of Estate Agents in Nigeria (AEAN) to support the drive to reduce rent burden on residents.

Besides, the state government urged them to shun the prevalent illegal fees in real estate business.

They were also urged to stem the rate at which agents across the real estate value chain engaged in competition of fees in real estate transactions.

The state authority pointed out that the introduction of illegal fees such as caution fee, inspection fee, finders fee and others represented professional harmful practice affecting tenants and put the integrity of the practitioners and property owners at stake.

These were the feedbacks the estate surveyors, developers and estate agents got when they were invited to a stakeholders meeting jointly chaired by the Commissioner for Housing, Moruf Akinderu- Fatai and Barr. Barakat Odunuga – Bakare, the Special Adviser to the Governor of Lagos State on Housing, at the weekend.

The session is a continuation of the strategic engagement to curb arbitrary rent charges, demand for high agent fees and promotion of sanity in real estate business in Lagos state.

The state government through the Commissioner and the Special Adviser challenged the association to protect the integrity of the real estate business with a support for joint effort of all stakeholders for full enforcement and compliance with the real estate transaction laws of Lagos State.

Akinderu-Fatai explained that the aim of engaging all stakeholders was to strengthen the working relationship between the state government and the professional bodies for the benefit of Lagosians.

‘’Lagos State Government is concerned about the challenges faced by families in securing and retaining rental accommodation in the state with unpleasant rent increment and illegal estate transaction charges,” he said.

The commissioner reiterated the plan of the Lagos State Government to encourage and promote monthly and quarterly rent payment in the State in line with the tenancy law.

He said that the state government is aware of the increase in demand for housing but that the government would no longer tolerate and allow the extortion of accommodation seekers with unwholesome practices.

“I want to assure you that the state government under the leadership of Mr. Babajide Sanwo-Olu is compassionate and will leave no stone unturned to ensure sanity in real estate business in the state,” Akinderu-Fatai said.

Barakat Odunuga-Bakare stated that ‘’there are existing state laws such as 2015 Tenancy Law and LASRERA Law which specify a percentage of chargeable fees of not more than 10 percent on real estate transaction.

She also reminded the stakeholders of the responsibilities of the Lagos State Real Estate Regulatory Authority (LASRERA) as established by the law to register, regulate and monitor real estate business in Lagos State.

Odunuga-Bakare also urged the stakeholders to cooperate with the State government to ease the conditions under which Lagosians secure accommodation.

Responding, Chairman, Nigerian Institution of Estate Surveyors and Valuers (NIEVS) Lagos Branch, Gbenga Ismail; Chairman, Lagos chapter of Real Estate Developers Association of Nigeria (REDAN), Dr. Kolawole Tony; and and Dr. Adeniyi Tinubu of the Association of Estate Agent in Nigeria (AEAN) jointly expressed their readiness to forge a workable alliance with the state government to solve high rent cost and excessive charges.

The professional bodies will also join the state government in promoting advocacy, public enlightenment as well as sensitization programmes on the best practices in real estate transactions.

The meeting further resolved to convey another stakeholder’s forum to be attended by representatives of all practitioners in real estate business, including the Nigerian Bar Association for a holistic buy-in of every sector for the benefit of Lagosians.

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