The Lagos State Real Estate Regulatory Authority (LASRERA) bill was signed into law by Governor Sanwo-Olu at Lagos House, Ikeja on the 7th of February, 2022 to regulate, sanitise, monitor the activities of real estate transactions and ensure real estate transactions in the state conform to global best practices.
The Special Adviser to Lagos State Governor on Housing, Mrs. Toke Benson-Awoyinka, explained that the law was signed to protect individuals from illegal real estate transactions and fraudulent persons/organisations in the real estate sector in the state.
She said that “it is now an offence for an individual/organisation to engage in real estate business in Lagos State without being registered with the agency,”
She revealed that the new law has now professionalised real estate practice, stressing that the minimum educational requirement to practise in the State is West African Senior School Certificate Examination (WASSCE) in additon to certification from a professional agency, which has power to organise stakeholder’s workshops/ training periodically.
During the signing, Governor Babjide Sanwo-Olu, said the law would regulate the real estate transactions and protect the citizens who fall prey to unlicensed real estate professionals adding that the law would also help players in the real estate sector to know their responsibilities.
It is really about ease of doing business and ensuring that we can continue to attract private sector investments into the real estate space. We believe this law would be the very first in the country that has taken a deep dive into what is happening in that space and it further strengthens our intervention in housing through the Ministry of Housing,” he said.