The Lagos State Real Estate Regulatory Authority on Thursday, clamped down on signages of unregistered real estate practitioners operating in the state.
The News Agency of Nigeria quoted the Special Adviser to the Lagos State Governor on Housing, Mrs Toke Benson-Awoyinka, as saying that the exercise was to enforce compliance with its directive to real estate practitioners to be duly registered with the authority.
Benson-Awoyinka, represented by the Director, Enforcement Unit of LASRERA, Mr Deji Badejo, said this at the commencement of the exercise in Ikeja and Maryland.
She said the exercise was in line with LASRERA’s mandate to regulate, sanitise and effectively monitor the real estate sector in Lagos State.
According to her, it is an offence to practice real estate in any of its forms, which includes the display of signage and inscriptions such as: ‘To Let,’ ‘To Lease,’ and ‘For Sale’ among others, in their offices or on any property without being duly registered with the authority.
“This enforcement and sensitisation exercise, which started at Ikeja and its environs, is expected to be replicated across other divisions of the state.
“It is part of the strategies by LASRERA to raise public awareness about the state government’s efforts to sanitise the real estate sector in the state,” she said.
According to her, there is a need to restrict posting of signage on residential and commercial properties, by unregistered real estate individuals or organisations who can easily swindle unsuspecting members of the public.
Benson-Awoyinka explained that many members of the public had been defrauded in the past by imposters and fraudulent real estate practitioners.
She emphasised that the government could not continue to ignore and allow irregularities capable of driving many genuine investors/ investees away from the sector.
She said LASRERA had earlier written to over 1,000 real estate individuals or organisations in the state to honour the state government’s call for regularisation of the sector and also boost the confidence of those in diaspora to invest in the market.