REAL ESTATE: NO BETTER TIME TO REGULATE REAL-ESTATE THAN NOW – LAGOS ASSEMBLY
Lagos State Assembly in a bid to curb the excesses of Real Estate Agents in the State has come up with a bill for a Law to regulate Real Estate transactions in Lagos State and for other connected purposes.
The Bill which touches most grey areas of real estate reviews the establishment of the governing body “Lagos State Real Estate Regulatory Authority” which shall be a Corporate body with perpetual succession.
The Chairman House Committee on Housing, Hon Bisi Yusuf made it known during public hearing of the bill that the proposed bill intend to sanitize real estate transactions, through the operation of a data base containing particulars of persons and Organization engaged in the business of real estate agency in the State, in order to monitor their activities and protect citizens against fraudulent real estate transactions.
Hon Bisi Yusuf further stated that the proposed bill plans to guarantee the protection of person and Organisations dealing in the real estate, ensure they register with the state, obtain a permit on registration before commencing Operation, He Reiterated that real estate transactions must be transparent, gain market confidence and are devoid of fraudulent practices in the forms of property fraud.
Speaking further on the bill, Hon Yusuf reassured all persons and organisations dealing in the business of real estate in Lagos State to do their job effectively as long as they are registered with the appropriate authority within the State “.
The deputy speaker of the House, Hon Wasiu Sanni Eshinlokun said that the bill, if passed into law will ensure the protection of citizens from illegal Real Estate practitioners/operators in Lagos State, which is one of the most efficient areas of Lagos economy, “this bill Commendable seeks to create a regulatory authority to oversee, monitor, regulate and manage the property transactions in Lagos State”.