In a move aimed at curbing the high cost of housing transactions and restoring order in the real estate sector, the Lagos State Real Estate Regulatory Authority (LASRERA) has entered into a strategic partnership with chairmen of the 57 Local Government Areas (LGAs) and Local Council Development Areas (LCDAs) across the state.
The initiative seeks to regulate and reduce agency and legal fees charged by real estate practitioners, in a bid to ease the financial burden on residents and promote transparency in property dealings.
During a meeting with the council chairmen, the Lagos State Commissioner for Housing, Akinderu Fatai, said the collaboration was aimed at curbing excessive fees charged by some property agents and restoring sanity to the built environment.
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“The aim of the collaboration is not only to reduce the exorbitant fees being charged by some property agents, but to bring sanity to the built sector and make life easier for the average Lagosian. Housing is a basic necessity, and we are committed to ensuring it is accessible and affordable,” he said.
Also speaking at the meeting, the Special Adviser to the Governor Babajide Sanwo-Olu on Housing, Barakat Odunuga-Bakare, stressed that agency fees must range between zero and 10 per cent, describing anything above that as ‘unacceptable and exploitative.’
She reiterated the state government’s commitment to introducing monthly rent payments, saying, “The Lagos State Government’s ultimate goal is to achieve monthly payment of house rent, and we are working tirelessly toward this reality.”
Ms Odunuga-Bakare urged residents to only deal with agents and developers registered with LASRERA.
“We want members of the public to understand that doing business with unregistered agents poses serious risks. LASRERA exists to protect both tenants and landlords, and we will not relent in our effort to restore sanity to the built sector,” she said.
She encouraged members of the public to visit the LASRERA website to verify the registration status of property agents and to report any cases of non-compliance.
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According to her, the partnership with LGA and LCDA chairmen marks a significant step in expanding LASRERA’s regulatory presence at the grassroots, where most property transactions occur.
“It also underscores the state government’s commitment to promoting fair and affordable housing across all communities”, she noted.
