The Lagos State Government has officially declared that engaging in real estate transactions without proper registration with the Lagos State Real Estate Regulatory Authority (LASRERA) is now illegal. This decisive move aims to sanitize the property sector, protect investors, and eliminate fraudulent practices that have plagued the industry.
According to the Special Adviser to the Governor on Housing, Barr. Barakat Odunuga-Bakare, the enforcement of this regulation is crucial to safeguarding the interests of residents and ensuring that only qualified professionals operate within the state's real estate market. She emphasized that unregistered individuals or organizations found conducting real estate business will face legal consequences, including potential prosecution.
LASRERA's Role in Regulating the Real Estate Sector
The partnership underscores the state's commitment to creating a transparent and secure environment for real estate transactions, thereby boosting investor confidence and attracting more local and international investments into the sector.
Implications for Real Estate Practitioners and Residents
The enforcement of mandatory LASRERA registration signifies a new era in Lagos's real estate landscape. Practitioners are now required to obtain a valid LASRERA license to operate legally within the state. Failure to comply with this regulation will result in legal action, including the sealing of properties and prosecution of offenders.
Residents are advised to verify the registration status of real estate agents and developers through LASRERA's official portal (lasrera.lagosstate.gov.ng) before engaging in any transactions. This precautionary measure aims to protect consumers from falling victim to fraudulent operators.
The Lagos State Government's declaration to criminalize unregistered real estate practice marks a significant step towards restoring integrity and professionalism in the sector. Through LASRERA's regulatory framework and collaborative efforts with enforcement agencies, the state aims to foster a transparent, secure, and investor-friendly real estate environment.
Note: This article is based on information available as of June 29, 2025.
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