Housing sector

Lagos to crack down on fraudulent activity in housing sector

The Lagos State government has said it will crack down on fraudulent activity in the housing sector to ensure the sanity of the industry.

This was announced by the Lagos State Governor’s Special Adviser for Housing, Mrs. Toke Benson-Awoyinka, on Wednesday during an event organized by the Nigerian-British Chamber of Commerce (NBCC) Construction and Property Group ) in Lagos.

According to NAN, Benson-Awoyinka said the move was in line with Lagos’ fiscal responsibility measure to ensure that all stakeholders in the housing value chain are beneficiaries of their transactions.

What the Assistant to the Governor of Lagos State for Housing Says

Benson-Awoyinka said:This year is going to be different as Lagos is going to tackle fraudulent activities in the real estate sector this year. We’ll name and shame when the time comes because the returns on investment are amazing so there’s no reason to defraud people.”

She said the state would conclude the foreclosure clause in its mortgage law within weeks to boost investor confidence and provide access to investments in the event of a mortgage default.

Foreclosure simply refers to the legal process of taking possession of a mortgaged property when the mortgagor fails to maintain their mortgage payments.

Benson-Awoyinka stressed the need for people who want to buy land to exercise due diligence and engage the services of a lawyer when buying properties to avoid cases of fraudulent land allocation. .

She said, “There is no clear title deed in Lagos called ‘ongoing excision’ as these lands are not to be allotted. You should search at the land office to make sure a property has proper title before starting any transaction to avoid being scammed.”

She expressed the state’s willingness to partner with the federal government to provide more affordable housing.

What you should know

  • The growth of the real estate sector and the proliferation of players in the state have led to the need to regulate and clean up the sector.
  • Recall that in March 2021, the Lagos State Government came out against the briefcases of Estate Agents/Developers and Craftsmen saying that it will not allow them to take over the real estate sector at the expense of professionals of State.
  • It was then that the state government urged the people of Lagos to support its efforts to root out fraudulent practices in the real estate sector by patronizing registered real estate practitioners/developers.
  • Also in a bid to clean up the real estate sector, the Lagos State Government announced in June 2020 mandatory registration with the state for real estate professionals such as real estate agents, property developers and property developers. industry professionals.
  • The state government, through the Lagos State Real Estate Regulatory Authority (LASRERA), has launched a website and registration database for property professionals. real estate in Lagos State as part of efforts to control the activities of fraudsters in the sector.