By Maduka Nweke, [email protected]
Lagos State Governor, Babajide Sanwo-Olu, has said that the real estate sector remains the biggest employer of labour in the country. Speaking through his deputy, Mr. Obafemi Hamzat, at a recent conference and exhibition on the sector in the state, the governor described the real estate sector as one capable of opening the gates of economic prosperity for not only the state but the nation.
The governor said the industry with a propensity to be the cash cow for the people needs to be protected against quackery and unprofessional act of practitioners who could compromise safety and hurt the citizens.
He said, “We are worried about the emerging trends and practices in the sector in recent times which has now called for increased vigilance on the part of all genuine practitioners and the government in view of the rate of reported cases of dubious acts by some real estate agents who are taking undue advantage of the market which has become one of the fastest growing in Nigeria and Lagos State in particular as a result of increasing population.
“Our government through LASRERA has defined minimum operational standards and guidelines for citizens to abide with, adding that the guidelines provide a comprehensive checklist for the citizens to correctly identify and have a competitive list of registered individuals/organizations to avoid doing business with unregistered real estate practitioners in the system.
Sanwo-Olu said the private sector must collaborate to prevent the proliferation of fraudulent activities in the real estate market.
The Governor pleaded with residents and everyone interested in the real estate business to be cautious in any financial transaction they engage in by fact-checking the track records of the organisations they are dealing with to ascertain if the individual or organisation is registered with LASRERA and other relevant government agencies in the sector.
On her part, the Special Adviser to Lagos State Governor on Housing, Mrs Toke Benson-Awoyinka, who oversees the Lagos State Real Estate Regulatory Authority, LASRERA said that the real estate sector has been plagued with risks and losses which have been critical issues for those in the sector.
Benson-Awoyinka said that the quest for transparency in business transactions in the real estate market necessitated the need for the involvement of the government in the regulation of the sector. She said Lagos State Government was determined to ensure sanity returns to the State’s real estate environment with the review of the agency’s law.
“Impersonation in the real estate industry is becoming unethically high which is contributing to the increase in the fraudulent activities in the industry, hence the need for Government intervention.
“This development calls for appropriate regulation, implementation and enforcement of the real estate laws in order to restore sanity into the sector and instill public confidence in the real estate profession and it explains why LASRERA is mandated to regulate and register those individuals/organisations who are involved in this sector.
Meanwhile, The Address Homes, a leading property development company, has asked the Lagos State Government to re-introduce the Real Estate Market Place Conference and Exhibition (REMPCE) which held in the recent past, saying the 3rd conference had a lot of impact in checking the activities of quacks and fraudsters in the industry.
The firm commended the drive by the Lagos State Government to tackle quackery and fraudulent activities in the real estate sector, describing the 3rd Real Estate Market Place Conference and Exhibition as a huge platform created to deepen professionalism in the industry.
The luxury property development company said the decision of the state government through LASRERA to create a platform for the players in the industry to discuss safety, technology, policies and showcase their products and services reinforces Sanwo-Olu’s administration’s commitment to boost the sector.
The 3rd conference and exhibition with the theme: “Town Hall Meeting on the Lagos Real Estate Emerging Markets- Mitigating the Potential Risks” which was held last year at the Eko Hotel and Suites, Victoria Island, Lagos was a huge success.
The Address Homes which was one of the major sponsors of the event said it decided to partner with the Lagos State government on the project because of its desire to enthrone complete sanitization of the industry and enhance growth in the burgeoning sector.
Speaking at the sideline of the Conference and Exhibition, Mr. Segun Ogunbiyi, Marketing Manager, The Address Homes, said the company’s partnership with the government was purely for promoting integrity, professionalism, customer satisfaction and safety in the real estate industry in Nigeria.
Ogunbiyi said, while the collaboration was meant to curb unscrupulous practices and promote global best practices and investment opportunities in the sector, the firm has continued to change the face of real estate development through the delivery of quality homes to high-income luxury homes seekers.
He said, “The real estate market has different segments. There is an emerging market, there is a mid-market within the grassroots, and there is the upper-echelon market. We play in the upper echelon market whereby we build luxury homes for the VIPs, captains of industry, and oil and gas gurus. Those are the people we focus on because they can afford our properties. Our market is narrowed to a particular set of individuals and not the whole market.”