The Special Adviser to Governor Babajide Sanwo-Olu on Housing, Barr. Barakat Odunuga-Bakare, underscores the importance of robust real estate regulations in Lagos State, expressing confidence in achieving the #Greater Lagos Rising vision of Governor Babajide Sanwo-Olu through collaborative efforts and adherence to regulatory standards.
Speaking at the Real Estate Outlook 2024 event organized by the Nigerian-British Chamber of Commerce (NBCC) via Zoom, Odunuga-Bakare highlights the crucial role of regulatory measures in fostering a conducive environment for real estate development in Lagos.
She emphasizes the transparency needed in real estate regulation to ensure sustainable growth within the industry.
Highlighting the Lagos State Government’s commitment to prioritizing the housing sector, Odunuga-Bakare discusses the implementation of the Affordable Home Ownership Scheme and the importance of real estate regulation.
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She informs attendees about the establishment of the Lagos State Real Estate Regulatory Authority (LASRERA), which oversees the activities of individuals and organizations in the real estate sector.
Outlining LASRERA’s mandate, which includes issuing permits, investigating complaints, and eliminating unethical practices, Odunuga-Bakare praises the collaboration between LASRERA and federal enforcement agencies to restore confidence among local and international investors.
She emphasizes the importance of ensuring that only qualified professionals operate within the industry to protect the interests of buyers and investors, urging stakeholders to register with LASRERA to combat fraudulent practices effectively.
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Odunuga-Bakare advises real estate practitioners to comply with the provisions of the State Real Estate Law and encourages investors to verify LASRERA permits before engaging in property transactions.
Finally, she stresses the need to sanitize the sector to encourage private sector partnerships and boost investor confidence.