LASRERA seeks special courts, speedy trial of real estate offenders in Lagos
By Patrick Okohue
In a bid to stem the tide of fraudulent practices in the real estate sector and also ensure speedy trial of erring real estate agents in Lagos State, the Lagos State Real Estate Regulatory Authority (LASRERA) has called for the collaboration of the judiciary in providing designated judges solely responsible for the handling of real estate related matters.
The Special Adviser to Lagos State Governor on Housing, Mrs Toke Benson-Awoyinka made the request when she led some principal officials of the Agency to the office of the Chief Judge of the State, Hon. Justice Kazeem Alogba on a courtesy visit.
Benson-Awoyinka said that for Lagos State Real Estate Regulatory Authority (LASRERA) to effectively enforce the laws guiding activities in the sector in the state in form of misconducts, complaints or petitions from the public against persons or organisations within the sector, there is the need to assign courts and designated judges to see to all real estate matters in order to fast track speedy hearing of real estate matters/issues in such courts.
She appealed to the state’s Chief Judge to consider the Agency’s request due to the huge and incessant acts of fraudulent and quackery practices by some Real Estate Practitioners and the need to expedite hearings on matters that affects real estate businesses in the state.
In her words, “the Courts will accelerate the dispensation of all matters in relation to real estate and ensures that victims get justice within a reasonable time and refunded accordingly especially if the perpetrators are culpable,” adding that the properties of the culprits might be confiscated and sold to offset the payment already made by the affected victims.
Benson-Awoyinka also added that the introduction of Foreclosure by the state government would help decongest and expedite the liquidity of Mortgage assets.
According to her, “The state government needs to sanitise real estate transactions so as to conform to the global best practices and also to attract investments in the Sector while also increasing the soci-economy of the state.
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“The Real Estate Business has always been good investment that needs the state government to act as a gatekeeper because people seek for accommodation either to rent, buy or sell around the World,” the Special Adviser emphasized.
The Special Adviser said that the efforts of the state government in the housing sector is aimed at curbing the rate of reported and increasing cases of fraudulent practices in the Real Estate Sector across the state.
She informed that Lagos State Estate Agency Regulatory Law, Cap L28, Laws of Lagos State, 2015, provides for the establishment of the Lagos State Regulatory Authority (LASRERA) which is to regulate the practice of Real Estate Agency in the state so as to identify persons eligible to be licensed as Real Estate Practitioners and provides for the issuance and renewal of Permits annually.
