The Lagos State Government has reaffirmed its commitment to implementing monthly, quarterly, and yearly rent payments, limited to a maximum of one year. The state’s Commissioner for Housing, Moruf Akinderu-Fatai, said this, yesterday, in a statement he jointly signed with Special Adviser to the Governor on Housing, Barakat Odunuga-Bakare.
Akinderu-Fatai, who also spoke during a recent exploratory meeting with executives of the Estate, Rent and Commission Agents Association of Nigeria (ERCAN), said that the government was actively engaging with stakeholders to ensure a smooth transition for the benefit of those seeking accommodation.
He noted that the government had advised professionals and trade groups within the real estate sector to address public concerns regarding the persistent and alarming rent increase and the imposition of unwarranted fees.
The practices, he said, were currently being carried out in violation of the Lagos State Real Estate Transaction Law. He, however, expressed the government’s apprehension over unethical practices among estate agents, which had led to a rise in rent defaults.
He urged the practitioners to adhere to the provisions of the law.
Responding, the President of the ERCAN, Godwin Aleke, pledged the support of his members to promote the state government’s monthly, quarterly and yearly rent system. He promised to collaborate with other professional bodies and stakeholders to sanitise real estate practices to move the state forward.
