The Lagos state Commissioner of Housing, Moruf Akinderu Fatai is emphatic about the efforts of the state to regularize its real estate sector, sanitize it and boost investors’ confidence.
He revealed this while speaking at the real estate stakeholders’ engagement forum organized by Lagos state estate agency regulatory authority on Wednesday in Lagos.
The event with the theme, ‘’Lagos Real Estate: Achieving 21st Century Compliance,’’ was an assembly of real estate stakeholders from across board to deliberate on how to reposition real estate practice in the state in a way that it can combat fraud and provide value.
According to Fatai, ‘’It’s a way of the government trying to meet the real estate stakeholders and look into this sector critically to resolve ongoing challenges. And one of those major challenges is people having one house and renting it to multiple people. On that, we already have court judgments against some of them.
‘’So what we want to do is to register everybody that is involved in real estate transaction, so that when you approach them, you have confidence that you are really dealing with the real people.
‘’Basically, we are trying to regularize the system in such a way that everybody will have confidence and those who wants to get involved, especially in getting finances from lenders abroad, will be assured that Lagos state has a system in place that they could put in their money without any issue.’’
Speaking further, he said the event demonstrates that the government is willing to partner with the private sector to develop the real estate sector.
The participating stakeholders agreed on the need for automated transactions and reliable data in the sector that will be available to the public. They settled that combating fraud in the sector is indeed a collaborative agenda.
