LASRERA SOLICITS SUPPORT OF REAL ESTATE PROFESSIONALS TO CURB UNETHICAL PRACTICES

The Special Adviser to the Lagos State Governor on Housing, Mrs. Toke Benson-Awoyinka, has appealed to practitioners in the real estate sector and the general public to join hands with the State Government to eliminate unethical practices in the real estate industry in order to ensure that perpetrators of dubious acts are dealt with in accordance with relevant provisions of the Law.

Benson-Awoyinka, delivering her keynote address as the Special Guest of Honour at the Alphacrux Real Estate Outlook Conference held virtually on Thursday, highlighted the efforts and activities of the State Government in the real estate sector, maintaining that if integrity is restored to the profession, more international investments would be attracted to the country and would be beneficial to many individuals in the State. 

She insisted that the Real Estate Market must be transparent for investors to show interest in the sector, stressing that the economic growth of any nation depends on the combined efforts of various individual business ventures, institutions, public and private bodies.

Appreciating the organisers of the event for recognising the efforts of the administration of Mr. Babajide Sanwo-Olu as it relates to Real Estate activities in the State, Benson-Awoyinka stated that the giant strides made by LASRERA within a short period is yielding the expected results, one of which is the increased awareness about the office.

Speaking on the relationship between LASRERA and the regulatory bodies in the real estate business, the Special Adviser said, “I am always quick to make this clarification at every gathering that involves relevant stakeholders in the built sector, that LASRERA was not established to assume the position of the existing professional regulatory bodies for Real Estate practitioners, rather, the agency intends to work with existing regulatory bodies to sanitise the sector.

“Basically, LASRERA came into being as a response to reported cases of fraudulent practices in the real estate sector. Constitutionally, the government exists for the purpose of protecting lives and property; it would be insensitive on the part of the government to ignore thousands of Lagosians who have at one time or the other fell victims to these fraudulent practices”, she stated. 

The Special Adviser averred that real estate remains an investment asset of choice and warned that buyers should be careful where they are investing their money in order to avoid unpalatable stories.

While citing the different initiatives from LASRERA, she expressed the hope that reported cases of fraudulent practices will be curtailed and genuine Practitioners will be able to render quality services to members of the public seeking real estate property within the State.

Alphacrux Real Estate Outlook Conference is an annual gathering of industry experts, developers, economists, and investors in the built industry to network, learn, share knowledge and discuss the business year.