In News by Oluwaseun Samuel on the 25th, September, 2020

Lagos State Govt Seeks Month-to-month Home Lease For Residents

Lagos State Govt Seeks Monthly House Rent For Residents


Gov. Babajide Sanwo-Olu

The Lagos State Authorities has known as on stakeholders in actual property sector to work out modalities for residents to pay home rents on month-to-month foundation as a substitute of yearly.

Lagos State Governor, Mr. Babajide Sanwo-Olu, made the decision on Thursday in Lekki, throughout the Coverage Roundtable Dialogue with key stakeholders within the Actual Property Sector.

The roundtable, with the theme ”Worldwide Greatest Practices On Actual Property Laws”, was organised by the Lagos State Actual Property Regulatory Authority (LASRERA).

Sanwo-Olu stated scenario whereby residents confronted stress as soon as their rents have been due was not palatable, therefore, must be seemed into.

He known as for synergy between the state authorities and stakeholders in the actual property sector to deal with difficulty of housing deficit and scale back rents within the state.

The governor stated that this might assist to make life simpler for Lagosians.

Based on him, partnership and good relationship between the state authorities and stakeholders will result in individuals residing in conducive surroundings.

Sanwo-Olu stated that the housing deficit in Lagos State was big, and urged non-public practitioners to play by the foundations.

”The actual property can contribute 20 to 25 per cent to the GDP. We have to have clear information the place landlords would now not be demanding one 12 months hire forward.

”Landlords ought to see how they will scale back yearly hire to month-to-month. The housing deficit in Lagos is large and unacceptable, however authorities can not do it alone,” he stated.

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The governor stated that it was clear that there was no correct information regarding the actual property operators within the state.

He stated that this necessitated the LASRERA Registration Portal being arrange.

”This platform can even be certain that we curb unhealthy behaviours both on the owner facet or the tenant facet.

”We now have deficit, and even the small one we’ve got should not correctly accomplished. Persons are shedding cash, persons are not being honest,” he stated.

Mrs Toke Benson–Awoyinka, the Particular Adviser to the State Governor on Housing, stated that the LASRERA Registration Portal contained the databank of registered practitioners in the actual property sector.

Benson–Awoyinka stated that the company’s regulatory position was to make it straightforward for potential clients desirous to both purchase or promote property to take action from Licensed Actual Property Practitioners/ Property Builders with none concern.

She stated that the company had made this doable by the LASRERA’s Portal, the place the databank of registered practitioners within the Actual Property Sector is located.

The Particular Adviser known as on stakeholders to make the portal extra sturdy, such that it could function a platform that might facilitate overseas funding to the state.

She stated that in response to statistics, there have been over 15 million Nigerians residing within the diaspora and who would wish to spend money on Nigeria Actual Property market.

”This big quantity portends nice prospect for the actual property sector, and as such, no efforts must be spared in making the trade engaging and of worldwide normal to those potential shoppers.

”Other than this, we have to allay the fears of worldwide traders who’re fascinated by buying properties in Nigeria, particularly in Lagos State, however haven’t been forthcoming as a result of perceived fraudulent practices within the sector.

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”It’s our perception that with the extent of dedication that has been displayed by the current administration within the state within the Actual Property Sector, extra traders can be attracted and the Property Market strengthened to enhance greatest practices by way of companies rendered by the practitioners.

”The rationale for at all times emphasising registration with the Actual Property Practitioners/Property Builders is to supply safety of residents from imposters, fraudsters.

”It is usually to scale back sharp practices related to some unauthorised people, who should not registered members of any affiliation in Lagos State or Nigeria,” Benson–Awoyinka stated.

She known as on stakeholders to collaborate with the state authorities to remove the doubtful people within the Actual Property trade.

Based on her, there’s the necessity to cope with them in accordance with related provisions of the State Regulation.

She stated that by this, integrity can be restored to the occupation and worldwide funding would enhance for the state and Nigeria as a complete.

”This current administration is not going to fail in its social duty to the individuals and traders for enough safety of lives, properties and funding.

”The LASRERA Portal will present native and overseas traders the related information analytics for market transparency and intelligence that may assist the expansion and improvement of the Sector.

”It’s, nonetheless, the expectation of presidency that the residents reciprocate by performing their civic duty and obligation to Lagos State Authorities,” she stated.

Additionally, the Lagos State Commissioner of Justice, Mr Moyosore Onigbanjo (SAN), stated that numerous legal guidelines put in place regarding the actual property sector have been to manage and shield the residents from abuse and fraudsters within the sector.

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Onigbanjo who can also be the Legal professional-Common of the state, assured the stakeholders that the current adminstration would go away the actual property sector higher than it met it.

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