LASRERA
LASRERA
OUR VISION:
To provide an enabling environment and transparent Real Estate Sector, conforming with International best practices while safeguarding the interests of all Stakeholders.
OUR MISSION:
Creation of an innovative and sustainable environment to promote Lagos as a Real Estate investment destination in Africa and the World.
ABOUT LASRERA
In the quest and vision of the current Governor of Lagos State , Mr. Babajide Olusola Sanwo-Olu in making Lagos a 21st Century economy, the Office of the Special Adviser on Housing had the mandate responsibilities to oversee the erstwhile Lagos State Real Estate Transaction Department in the Ministry of Housing as established by Law on the 18th of May, 2007. The Law was expedient due to reported/ increasing cases of fraud in the Real Estate Sector. However, after careful examination of the extant laws and engagements with relevant Stakeholders within the public and private space , Mr Governor unveiled the intention of his Administration to put an end to fraudulent and unscrupulous practices in the real estate sector.
In a memo Ref. No: CIR/HOS/'20/Vol.1/027 dated the 7th February 2020 Mr. Governor approved
the transition
of Lagos State Real Estate Transaction Department (LASRETRAD) from a Department to a full
Agency now known as
Lagos State Real Estate Regulatory Authority(LASRERA).
The Lagos State Estate Agency Regulatory Law, Cap L28,
Laws of Lagos State, 2015 ("Law") presently in operation in the State, provides for the
establishment of the
Lagos State Real Estate Regulatory Authority. The essence of this Law is to regulate real
estate transactions in
Lagos State by identifying persons eligible to be licensed as Real Estate Practitioners and
provides for the issuance or
renewal of annual permits, as well as collating and registering Real Estate transactions in
the State.Specifically,
the Authority has the responsibility for maintaining a register of Licensed Real Estate
Practitioners and sanctioning
of unlicensed Estate Agents in the State.In its bid to sanitize and promote transparency,
the State must keep a
database of persons dealing in Real Estate transactions, regulate and monitor the activities
of all Practitioners.
Thus, the State must ensure strict compliance and adherence to the law in its efforts to
protect its citizens and rid
the State of unethical practices in the Sector.
Our Practice Guidelines
Real Estate Practitioners
Property Developers
The following PRACTICE GUIDELINES shall apply in the course of business:
For Real Estate Practitioners:
- A Licensed Estate Agent / Property Developer shall not carry on Business of Real Estate in the State unless licensed by the Lagos State Real Estate and Regulatory Authority.
- A Licensed Real Estate Practitioner shall have an ascertained business premises/office within the State.
- A Licensed Real Estate Practitioner shall register the business with the Corporate Affairs Commission (CAC).
- A Licensed Real Estate Practitioner shall have records of business transactions, and shall open a separate client account.
- A Licensed Estate Practitioner shall not act for two (2) principal (Clients) on a transaction.
- A Licensed Real Estate Practitioner shall be paid fees by his principal only.
- A Licensed Estate Practitioner shall not collect money from more than one prospective tenant or purchaser in respect of the same premises and shall remit money collected to the landlord within fourteen (14) days, unless otherwise directed in writing by the landlord and such money collected shall be receipted for.
- A Licensed Real Estate Practitioner shall ensure that his client performs all his obligations to the Government under the existing laws, such as the deduction and remittance of Withholding Tax, Valued Added Tax or other charges payable on the property he handles.
-
Agency fee(s) shall be as follows:
- Letting: Not more than 10 percent of the total rent collected on any transaction.
- Sale or Purchase of interests in Land and Buildings where two or more agents are retained by the owner/vendor for the sale, the fee shall not be more than 15 percent of the total proceeds of sale.
- A Licensed Real Estate Practitioner shall not prepare any legal document pertaining to any transaction handled by him but must be prepared by a Legal Practitioner and the fees shall not be more than 12.5 percent of the total consideration.
Our Executive Team
Babajide Olusola Sanwo Olu is a Lagos State indigene. He was born on the 25th of June in the
year 1965.
He studied at the University of Lagos before moving into Lagos Business School, London
Business school and later the
John F. Kennedy School of Government (public policy and public administration school of
Harvard University in
Cambridge, Massachusetts, United States).
He is a member of the All Progressive Congress party and is a full-time politician in Lagos
State.
He contested for the 2019 Lagos State Gubernatorial elections under the APC flag and won the
primaries against the
sitting Governor at the time, Akinwunmi Ambode.
He currently holds the position of a Fellow of the Nigerian Institute of Training and
Development.
In addition, he is an associate member of the Chartered Institute of Personnel Management.
Babajide went into the
Nigerian labor force as a treasurer. This position he held at the former Lead Merchant Bank
from 1994 to 1997.
After this, he served as the head of the foreign money market at the United Bank for Africa.
From this position,
he moved to the First Inland Bank Plc (Now Part of First City Monument Bank Plc). At this
bank, he served as the
Divisional Head and the Deputy General Manager.
Babajide has also been a board member at the Department of International Development Fund
and Audit committee of
Calverton Offshore as well as Chairman of the Baywatch Group Limited and First-Class Group
Limited. Babajide began his
political journey back in 2003. At the time, he received an appointment as Special Adviser
on Corporate Affairs by the
deputy governor of Lagos State, Femi Pedro. He was later moved to the position of Acting
Commissioner for Economic
Planning and Budget (till 2007).
In 2007, he became the Commissioner for Commerce and Industry as appointed by Bola Tinubu
the Governor at the time.
He has also been appointed in many other positions such as the position of the Managing
Director/CEO of Lagos State
Development and Property Corporation, Commissioner for Establishments, Training, and
Pensions
(appointed by Babatunde Fashola). During his time in the public service, Babajide has made
tremendous impacts in lives.
Some of which include the LAGBUS system, the Alausa Control & Command Center, supervision of
the Bureau of public
enterprises as well as many other privatization projects.
Babajide Sanwo Olu set out to run for the Office of the Governor of Lagos State on the 16th
of September, 2018.
When he made these declarations, endorsements were made by different stakeholders including
Lagos State House of Assembly
members, as well as the Governor's Advisory Council of the Lagos chapter of the APC.
BARR. BARAKAT OLAWUNMI BAKARE
SPECIAL ADVISER TO LAGOS STATE GOVERNOR ON HOUSING.
Barr. Barakat Olawunmi Bakare was born on the 10th of March 1986, in Surulere Local Government government Area of Lagos State.
Barr. Barakat is a true Lagosian and urbane scion of Oshodi Royal family, Olorogun Adodo family, and the Onisemo family.
She attended Mainland Preparatory Private School Bank-Olemoh Surulere, for her primary education.
She proceeded to Anglican Secondary School, Akinhanmi and Lagos State Model College Kankon, for her Secondary Education.
Barr. Barakat enrolled for A-levels at the College of North East London, where she studied aspects of law,
history, politics, and psychology. She holds a degree in law (LLB) from the prestigious University of Bedfordshire,
United Kingdom, as well as Master's Degree (LLM) in International Commercial Law from same institution.
She attended the Nigeria Law School, being a prerequisite towards law practice in Nigeria.
In 2017, Barr. Barakat became the flag bearer of the All Progressives Congress (APC)
as the councillorship candidate representing Akinhami-Cole Ward (Ward E1) of Surulere Local Government,
culminating in her election as Councillor. She was elected Leader of the Surulere Legislative Assembly in 2018.
She was re-elected as a Councillor in 2021, also maintaining her position as the Assembly Leader.
In 2022, Barr. Barakat contested for the Lagos State House of Assembly under the umbrella of APC,
but she withdrew from the race due to the party's decision.
She served as TGSEE Campaign Secretary, the official body that made the victory of all APC aspirants
in Surulere Local Government in the 2023 General elections possible. She also served as Chairperson,
Logistics Committee for Wasiu Eshilokun Campaign Council in the 2023 general elections.
As Legislator in Surulere Local Government Area, Barr. Barakat Olawunmi Bakare passed over 27 bye laws
during her time as the leader of the Surulere legislative council to ameliorate the living standards of the
people of Surulere and also improve the IGR of the Council.
Barr. Barakat represents women and youth inclusiveness in governance.
She was appointed into the Lagos State Executive Council and sworn in as Special Adviser to Lagos State Governor on Housing
on Wednesday, 13th September, 2023, by Governor Babajide Sanwo-Olu.
