The Lagos State Government has issued a definitive declaration, making it mandatory for all real estate practitioners within the state to register with the Lagos State Real Estate Regulatory Authority (LASRERA) or face severe consequences, including potential disbandment of their operations.
This stern warning was delivered by Governor Babajide Sanwo-Olu, signaling a renewed push to sanitize and regulate the booming real estate sector in Nigeria’s commercial hub.
The Governor’s directive, which officially renders any real estate engagement illegal without proper LASRERA registration, aims to curb fraudulent activities, protect residents and instill greater confidence in property transactions across the state. This move reinforces existing legislation, notably the Lagos State Real Estate Regulatory Authority Law, 2021, which empowers LASRERA to oversee and regulate all real estate activities.
“Register with Real Estate Authorities or Face Disbandment,” Governor Sanwo-Olu stated emphatically, showing the government’s commitment to enforcing compliance.
The Special Adviser to the Governor on Housing and Head of LASRERA, Barrister Barakat Odunuga-Bakare, reiterated this stance, emphasizing that individuals or organizations operating as commission agents, realtors or real estate practitioners without valid LASRERA certification will be acting in violation of the law.
The government noted that even people who conduct transactions with unregistered agents could face legal repercussions. LASRERA’s mandate extends to registering practitioners, monitoring transactions and investigating complaints, all aimed at protecting home seekers, property owners, and licensed agents from dishonest practices.
This new push for stringent regulation comes amid ongoing efforts to streamline the real estate market. Recent reports indicate that the Lagos State Government has been intensifying its enforcement drives, with the recovery of significant funds and properties from real estate fraud cases. The authorities are also reminding practitioners that agency fees must not exceed the official limit of 10 percent and that collecting more than one year’s rent upfront remains illegal and will incur penalties.
Residents are strongly advised to verify the registration status of any real estate professional before engaging in property transactions and to report any cases of overcharging, poor service delivery, or misconduct to LASRERA. Governor Sanwo-Olu’s administration views this as a crucial step towards fostering a transparent and secure real estate environment for all stakeholders in Lagos.
