The Lagos State Government has issued a stern warning to unregistered individuals and organizations operating in the real estate sector. According to a statement, those who fail to comply with Lagos State Real Estate Regulatory Authority (LASRERA) registration requirements will face legal repercussions.
The move comes amid concerns about fraudulent activities and a lack of transparency in the Lagos real estate market. By enforcing registration, the government aims to protect residents from “fake and dubious Estate agents” and ensure they are dealing with reputable professionals.
LASRERA encourages residents to be cautious and only patronize registered real estate agents and organizations. This will help to guarantee a smoother and safer experience when searching for property in Lagos.
The exact nature of the planned clampdown remains to be elaborated on by the Lagos State Government. It is expected to involve measures to identify and penalize unregistered operators. This could include fines or even prosecution.
Dealing with registered estate agents is not just advisable, it will soon be mandatory. Residents should inquire about LASRERA registration before engaging the services of any agent or organization.
List of lagos state real estate practitioner
