Korede Abdullah in Lagos
The Lagos State Government has prohibited individuals and organisations from engaging in real estate business without proper registration with the Lagos State Real Estate Regulatory Authority (LASRERA).
According to the Special Adviser to the Governor on Housing and Head of LASRERA, Barakat Odunuga-Bakare, “it is an offence to practice real estate business, either as a commission agent, realtor, or real estate practitioner, without proper registration with LASRERA.”
The authority is tasked with overseeing registration, monitoring industry activities, and addressing public complaints to safeguard residents against fraudulent dealings.
The government emphasises that mandatory registration is essential to promoting accountability, reducing fraud, and increasing trust in real estate transactions. LASRERA works with relevant agencies to enforce compliance and streamline operational standards across the sector.
Odunuga-Bakare reminded practitioners that agency fees must not exceed the government-approved range of 0 to 10 percent and cautioned against imposing unlawful charges.
Residents are advised to verify the certification status of any real estate firm or individual before entering into property agreements to foster safer and more transparent transactions.
Odunuga-Bakare urged residents to report instances of overcharging or misconduct to LASRERA, emphasizing the authority’s commitment to protecting residents’ interests and promoting a professional real estate industry in Lagos State.
