The Lagos State Government has vowed to scale up enforcement against sharp practices in the real estate sector, insisting that 2024 will no longer be business as usual.
The Special Adviser to the Governor on Housing, Barrister Barakat Odunuga-Bakare, delivered this warning at the Real Estate Stakeholders’ Forum held in Ikeja area of Lagos.
She urged Nigerians in the diaspora who intend to invest in the sector to always check the website of LASRERA for proper information before sealing any transactions.
According to her, the law regulating LASRERA came into effect in 2021 to curb sharp practices and reposition the real estate sector.
The Special Adviser further stated, “We will launch a proper investigation into complaints by some operators over the demolition of their buildings in some parts of the state. The Tenancy law is in process to protect both the sellers and buyers of properties in the state, and we are collaborating with the Ministry of Justice in addressing issues and challenges raised by some practitioners.”
On his part, the Lagos State Chairman of the Real Estate Developers Association of Nigeria, Dr. Bamidele Onalaja, said the Standard Organisation of Nigeria has failed in its responsibility to check substandard materials in the built industry.
He also urged the government to stop the habit of demolishing buildings that fail to comply with the laws of the land when they have already reached the completion stage.
He said REDAN is working with the government to curb recurring building collapses in the state, urging developers to obtain necessary documents before they begin construction.
Leading the stakeholders in discussion at the forum, the Chairman of MKH Group, Mr. Muibi Kehinde Hammed, accused some government officials of conniving with unscrupulous elements in the industry to cheat developers out of their hard-earned money.
He said that the Lagos State government must adhere strictly to enforcement in the industry, adding that he had lost millions of naira to land grabbers and had become a regular visitor to the Alagbon and Zone 2 command of the Police due to unwholesome practices by some people.
Adding his voice, a legal practitioner named Banjo said developers in the Lekki area used substandard materials during construction with no one checking them.
On her part, the Managing Director of Hafbam Properties, Hafsah Balogun, lamented the increase in overnight agents infiltrating the industry.
She believed that their unlawful activities were tarnishing the reputation of genuine and committed practitioners.
Mrs. Alaba-Alozie Aishat of the Lasgidi Group of Africa said it was sad that most of the lands she sold to clients over the years cannot be accessed due to policy changes from the Lagos State government.
According to her, many industry players borrowed money from banks to run their businesses but are now struggling to repay the loans.
Responding to some of the questions from operators, the Permanent Secretary in the Lands Bureau, Mr. Kamal Owodiran Olowoosago, urged stakeholders to always conduct a proper search before proceeding with any transactions.
He noted that the government was working towards digitalizing the process to expedite transactions in the industry.
The Lands Bureau chief said Governor Sanwoolu is passionate about curbing land grabbing issues, which is why he set up the Committee on Land Grabbers in the state.
He assured that it will be difficult for anyone to cut corners now in Lagos State, adding that the Governor appointed an SA on GIS to assist industry players in clearing up the mess.
Olowosago also promised to revisit cases of forceful takeovers of lands and properties from operators, especially in the Lekki area of the state.
