LASRERA
LASRERA
WHAT IS OUR PURPOSE?
In view of the amendments to The Lagos State Estate Agency Regulatory Law, Cap L28, Laws of Lagos State, 2015 ("Law") presently in operation in the State The Lagos State Estate Agency Regulatory Law, Cap L28, Laws of Lagos State, 2015 ("Law") presently in operation in the State, the Agency (with its new status) has been empowered to do the following:
- Monitor, regulate and keep a data of all Real Estate Transactions in the State.
- Register, issue permits and keep a Register of all Real Estate Practitioners.
- Register Property Developers (individually) and their projects.
- Monitoring foreigners activities in real estate transactions in the State.
- Appoint a Committee of Inquiry to investigate complaints of the public on the misconduct of Real Estate Practitioners in the State.
- Revoke permits either by administrative means or through the courts.
- Ensure protection of citizens from illegal transactions
- Prosecuting errant Real Estate Practitioners accused of defrauding citizens of the State
- Eliminate impostors, fraudsters, sharp practices connected with persons who claims to be accredited agents but whose sole objective is to defraud the residents of the State who engage their services of renting, leasing, buying, selling property development and other related activities.
In addition, it will ensure that any real estate transaction in the State is extremely transparent, gain market confidence, and dislodge fraudulent Practitioners and eliminate any type of property fraud in the State.
Our OBJECTIVES include and are not limited to the following:
- Enhance transparency in Real Estate investment transactions.
- Elimination of unethical Real Estate Business transactions in the Sector.
- Improve Real Estate investment Business in the State.
- Conform to global best Practices.
- Liaise with Inter- related MDAs while collating a database on Property transactions and newly approved developments.
- Ensuring and confirming the payment of Fees, Taxes or Charges on Property transactions.
In furtherance of its objectives, The Agency launched a Portal for the registration of the Practitioners in Property Market and Real Estate Business. The Online platform was unveiled by Governor Babajide Sanwo-Olu, on 30th of October, 2019 at a grand event held at Eko Hotel and Suites, Victoria Island.
The seamless and robust Platform has been put in place to gather data of genuine Stakeholders in the industry for the purposes of planning and promoting Ease of Business. More importantly, It is also a way of addressing the issue of unethical practices and lack of transparency in the sector and the responsibility of government in the protection of lives and properties.
BENEFITS TO STAKEHOLDERS
- To help eliminate touts in the Real Estate business.
- Enhance transparency in real estate transaction by discouraging fraud, misrepresentation and deceit.
- Security of investment in real estate transactions.
- Create a new societal value that will sustain Lagos position as an investment destination.
- Provide necessary support to prospective investors in real estate.
- Improve ease of doing business in real estate.
- Conform with global best practices.
- Assist in mediation with erring parties.
- Give technical supports from conception to final development.
- Training and Retraining of registered members.
- Giving technical advice and support by collaborating with other Agencies of the State Government such as Lagos State Ministry of Physical Planning & Urban Development, Lagos State Building Control Agency, Lands Bureau among others.
- Giving technical advice and support by collaboration with others.
- Keeping of Data for various need/requests of the large populace home and abroad.