LAGOS GOVT URGES SURVEYORS, DEVELOPERS TO CURB ILLEGAL FEES, EASE RENT BURDEN
Read Time:3 Minute, 13 Second
Lagos State Government has charged the leadership of the Nigerian Institution of Estate Surveyors and Valuers (NIEVS), Real Estate Developers Association of Nigeria (REDAN) and Association of Estate Agents in Nigeria (AEAN) to support the drive to reduce rent burden on Lagosians and shun the prevalent illegal fees in real estate business.
The professional bodies were also urged to stem the rate at which agents across the real estate value chain engaged in competition for fees in real estate transactions. The introduction of illegal fees such as caution fees, inspection fees, finders’ fees, and others represents a harmful practice that affects tenants and puts the integrity of the practitioners and property owners at stake.
The appeal was made at a stakeholders meeting organised for members of the Nigerian Institution of Estate Surveyors and Valuers (NIEVS), Real Estate Developers Association of Nigeria (REDAN) and Association of Estate Agents in Nigeria (AEAN). The meeting was jointly chaired by the Commissioner for Housing, Hon. Moruf Akinderu, Fatai and Barr. Barakat Odunuga-Bakare, the Special Adviser to the Governor of Lagos State on Housing.
The session is a continuation of the strategic engagement to curb arbitrary rent charges, demand for high agent fees, and promotion of sanity in the real estate business in Lagos State. The meeting was held today at the Conference Room of the Ministry of Housing, Alausa – Ikeja.
The State Government, through the Commissioner and the Special Adviser, challenged the association to protect the integrity of the real estate business with support for a joint effort of all stakeholders for full enforcement and compliance with the real estate transaction laws of Lagos State.
Hon Akinderu-Fatai, in his remarks, stated that the aim of engaging all stakeholders is to strengthen the working relationship between the State Government and the professional bodies for the benefit of Lagosians. The Commissioner reiterated the plan of the Lagos State Government to encourage and promote monthly and quarterly rent payments in the state in line with the tenancy law.
He said the state government is aware of the increase in demand as greater than supply, but the government would no longer tolerate and allow the extortion of accommodation seekers with unwholesome practices.
The Special Adviser to the Governor on Housing, Barrister Barakat Odunuga-Bakare stated that there are existing State laws, such as the 2015 Tenancy Law and LASRERA Law, which specify a percentage of chargeable fees of not more than 10% on real estate transactions.
She also reminded the stakeholders of the responsibilities of the Lagos State Real Estate Regulatory Authority (LASRERA) as established by the law to register, regulate, and monitor real estate business in Lagos State. Barrister
Odunuga-Bakare also urged the stakeholders to cooperate with the state government to ease the conditions under which Lagosians secure accommodation.
Speaking at the meeting, ESV. Gbenga Ismail of the Nigerian Institution of Estate Surveyors and Valuers (NIEVS) Lagos Branch, Dr. Kolawole Tony of the Real Estate Developers Association of Nigeria (REDAN) and Dr. Adeniyi Tinubu of the Association of Estate Agents in Nigeria (AEAN) jointly expressed their readiness to forge a workable alliance with the state government to solve high rent costs and excessive charges.
The professional bodies will also join the state government in promoting advocacy, public enlightenment, as well as sensitisation programmes on the best practices in real estate transactions. The meeting further resolved to convene another stakeholders’ forum to be attended by representatives of all practitioners in the real estate business, including the Nigerian Bar Association, for a holistic buy-in of every sector for the benefit of Lagosians.
The meeting was also attended by Engr. Abdulhafis Toriola, the Permanent Secretary, Ministry of Housing, directors and management of the Ministry of Housing, Office of the Special Adviser on Housing, Lagos State Real Estate Regulatory Authority (LASRERA) and other representatives of NIESV, REDAN and AEAN.
Happy
0 %
Sad
0 %
Excited
0 %
Sleepy
0 %
Angry
0 %
Surprise
0 %
0
0