By Ibrahim Salaudeen, Lagos
The Lagos government has declared that it is now illegal to operate in Lagos State as a realtor, commission agent, or real estate practitioner without being properly registered with the Lagos State Real Estate Regulatory Authority.
The head of the Lagos State Real Estate Regulatory Authority (LASRERA) and Special Advisor to the Governor on Housing, Barakat Odunuga – Bakare, stated this on Saturday, June 28 during a press briefing in Alausa, Ikeja.
Odunuga-Bakare said that anyone practicing in the real estate sector as an agent, broker, or other practitioner, must obtain a valid LASRERA registration certificate before conducting any transactions in the state.
She said, “The Lagos Government has stated that it is an offence to practice real estate business, either as a commission agent, realtor, or real estate practitioner, without proper registration with the Lagos State Real Estate Regulatory Authority.
“The Special Adviser to the Governor on Housing and Head of the Lagos State Real Estate Regulatory Authority, LASRERA, Barrister Barakat Odunuga Bakare gave the warning today at Alausa, Ikeja. She stated that it is an offence for anyone to even deal with persons or organisations that have not registered and obtained the LASRERA certificate of practice.
“As the regulatory body for real estate operations in the state, LASRERA is tasked with overseeing registration of practitioners, monitoring industry activities, and addressing public complaints. These responsibilities aim to safeguard Lagos residents against fraudulent dealings and irregularities in the property sector.”
She explained that dealing with individuals or organisations that have not registered and obtained the LASRERA certificate of practice is illegal.
The Special Adviser reiterated that agency fees charged by agents must be between zero and ten percent. She said those who are charged more than ten percent or who have other grievances or complaints should direct same to the LASRERA office.
She also reaffirmed that it is illegal for professionals in the field to demand more than a year’s rent from their clients, adding that the LASG has also stated that it is illegal for any real estate professional to collect money from a Lagosian without providing the necessary services to their clients.
She emphasized the administration of Governor Babajide Sanwo-Olu’s commitment to restoring sanity in the real estate industry while safeguarding the interests of practitioners, homebuyers, and property owners.
The government maintains that mandatory registration is essential to promoting accountability, reducing fraud, and increasing trust in real estate transactions. LASRERA also works in collaboration with relevant agencies to enforce compliance and streamline operational standards across the sector.
She advised residents to verify the certification status of any real estate firm or individual before entering into property agreements, as part of efforts to foster safer and more transparent transactions.
