To provide an enabling environment and transparent Real Estate Sector, conforming with International best practices while safeguarding the interests of all Stakeholders.
Creation of an innovative and sustainable environment to promote Lagos as a Real Estate investment destination in Africa and the World.
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
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.
The following PRACTICE GUIDELINES shall apply in the course of business:
For Real Estate Practitioners:
For Property Developers:
Babajide Olusola Sanwo Olu is a Lagos State indigene. He was born on the 25th of June in the
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.