LASRERA PARTNERS CHAIRMEN OF LG/LCDAS TO REDUCE AGENCY, LEGAL FEES IN LAGOS REAL ESTATE SECTOR

LASRERA PARTNERS CHAIRMEN OF LG/LCDAS TO REDUCE AGENCY, LEGAL FEES IN LAGOS REAL ESTATE SECTOR

In a bold move aimed at addressing the rising cost of housing transactions and restoring order to the built environment, the Lagos State Real Estate Regulatory Authority (LASRERA) has announced a strategic collaboration with the Chairmen of the 57 Local Governments (LGs) and Local Council Development Areas (LCDAs) in Lagos State.

This initiative is designed to regulate and reduce agency and legal fees charged by real estate practitioners, thereby easing the burden on residents and promoting transparency in property transactions.

Speaking during the meeting with the Council Chairmen, held recently in Ikeja, the Commissioner for Housing, Hon. Maruf Akinderu-Fatai, stated that the aim of the collaboration is not only to reduce the exorbitant fees being charged by some property agents, but to bring sanity to the built sector and make life easy for the average Lagosian.

Commissioner Akinderu-Fatai ephasised that Housing is a basic necessity, and the Lagos State Government led by Governor Babajide Sanwo-Olu is committed to ensuring it is accessible and affordable to everyone in the State.

The Special Adviser to the Governor on Housing, Hon. Barakat Odunuga-Bakare, stated that Agency fees must be between zero and 10 per cent, stressing that anything beyond that is unacceptable and exploitative.

Maintaining that the Lagos State Government’s ultimate goal is to achieve monthly payment of house rent, she revealed that the government is working tirelessly toward the reality, urging Lagos residents to only patronise agents and developers who are duly registered with LASRERA.

She added that: “We want members of the public to understand that doing business with unregistered agents poses serious risks. LASRERA exists to protect both tenants and landlords, and we will not relent in our effort to restore sanity to the built sector.”

The collaboration with LG and LCDA’s Chairmen is a major step in extending LASRERA’s regulatory oversight to the grassroots, where most housing transactions take place. It also reflects the government’s commitment to fair and affordable housing practices in all parts of the state.

Odunuga-Bakare, therefore, advised members of the public to visit the LASRERA website to verify the registration status of property agents and file complaints against defaulters.