The Lagos State Government has advised prospective real estate investors to conduct thorough checks on the registration status of individuals and organisations involved in property transactions.
Speaking at the Y2024 Ministerial Press Briefing on Thursday in Lagos, the Special Adviser to the Lagos State Governor on Housing, Barakat Odunuga-Bakare, emphasized the importance of verifying credentials through the Lagos State Real Estate Regulatory Authority portal.
The move comes amidst concerns over unregistered practitioners and fraudulent activities within the real estate sector.
Odunuga-Bakare underscored the need for due diligence, particularly in ongoing construction projects and new estate developments.
The governor’s aide spotlighted the proactive measures undertaken by the Lagos State Government through LASRERA to protect both local and international investors from potential fraudulent activities.
Meanwhile, she also spoke about the effectiveness of LASRERA’s regulatory measures, noting that the agency’s database currently boasts 925 registered individuals and organisations, with an additional 2550 practitioners in enrollment.
“LASRERA has a database of 925 registered individuals/organisations on its registration portal while over 2 550 practitioners have enrolled to be registered,” Odunuga-Bakare stated.
PUNCH Online reports that Odunuga-Bakare warns against fraudulent real estate agents in Ibeju-Lekki, and other areas in the state, advising using the LASRERA website for transactions to ensure monitoring and security.
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