Real estate regulation: Barrister Barakat Odunuga-Bakare harps on robust stakeholders’ support | Prestige Real Estate News

The Special Adviser to Lagos State Governor, Bababjide Sanwo-Olu on Housing, Barrister Barakat Odunuga-Bakare, has stressed the significance of robust real estate regulations in the state.

Odunuga-Bakare, expressed optimism that the Greater Lagos Rising mantra of Governor Babajide Sanwo-Olu is achievable through collaborative efforts and adherence to regulatory standards by stakeholders.

She stated this at the Real Estate Outlook 2024 event, organised by the Nigerian-British Chamber of Commerce (NBCC), themed “Looking Ahead, Gauging Opportunities”, aimed at providing a platform for stakeholders to explore prospects in the real estate sector held via Zoom.

While stressing the pivotal role of regulatory measures in fostering a conducive environment for real estate development in Lagos State, Odunuga-Bakare, stated that Real Estate regulation must be transparent to achieve sustainable growth within the real estate industry.

Underlining the commitment of the Lagos State Government to prioritise the housing sector as part of its agenda to propel the state into a 21st-century economy, she highlighted the implementation of the affordable home ownership scheme, underscoring the importance of real estate regulation within the sector.

In her presentation, Odunuga-Bakare informed the gathering about the establishment of the Lagos State Real Estate Regulatory Authority, LASRERA, a regulatory agency tasked with overseeing the activities of individuals and organisations operating in the real estate sector.

She outlined LASRERA’s mandate to include: issuing and renewing permit licences, investigating complaints, eliminating unethical practices, and conducting training for industry professionals.

Odunuga-Bakare, however, lauded the collaborative efforts between LASRERA and federal enforcement agencies, stressing the imperative of restoring confidence and trust among local and international investors by combating fraudulent practices effectively.

Furthermore, she stressed the importance of ensuring that only qualified professionals operate within the industry to safeguard the interests of buyers and investors.

Odunuga-Bakare, therefore, called for the cooperation of all stakeholders in registering with LASRERA to combat fraudulent practices effectively.

She urged real estate practitioners to comply with the provisions of the State Real Estate Law and advised investors to verify LASRERA permits before engaging in property transactions.

The Special Adviser, also stressed the need to sanitise the sector to encourage partnership with the private sector to boost confidence in investors.