Oladele Oduniyi
In a bid to curb the rising costs of housing transactions and foster transparency within the real estate sector, the Lagos State Real Estate Regulatory Authority (LASRERA) has partnered with the chairmen of Community Development Associations (CDAs) and Community Development Committees across the state’s 57 Local Government Areas (LGAs) and Local Council Development Areas (LCDAs).
The strategic collaboration aims to regulate and reduce agency and legal fees charged by real estate practitioners, providing much-needed relief for residents.
Speaking at a recent meeting with the council chairmen, the Lagos State Commissioner for Housing, Maruf Akinderu Fatai, emphasised the objective of the initiative.
“The aim of this collaboration is not only to reduce the exorbitant fees being charged by some property agents but also to bring sanity to the built sector and make life easier for the average Lagosian,” he stated. “Housing is a basic necessity, and we are committed to ensuring it is accessible and affordable.”
The Special Adviser to the Governor on Housing, Barakat Odunuga-Bakare, outlined the new guidelines on agency fees, stating that such fees must range between zero and ten percent and anything beyond that would be deemed unacceptable and exploitative.
She further reiterated the state’s long-term goal of transitioning to a monthly rent payment system, stating that efforts are ongoing to make this vision a reality.
Odunuga-Bakare urged Lagos residents to protect themselves financially and legally by dealing only with real estate agents and developers officially registered with LASRERA.
“Doing business with unregistered agents poses serious risks,” she warned. “LASRERA exists to protect both tenants and landlords, and we will not relent in our effort to restore sanity to the built sector.”
This partnership with LGA and LCDA chairmen marks a significant step in extending LASRERA’s regulatory oversight to the grassroots, where most property transactions take place, underscoring the state government’s commitment to promoting fair and affordable housing practices across Lagos