Monthly rent policy still on course, Sanwo-Olu assures Lagos residents

For Lagos residents who are still struggling to pay the one or two years of house rent demanded by landlords in the state, it is a piece of good news as the state governor, Babajide Sanwo-Olu has assured that the state’s planned monthly rent policy is still on course.

The governor, who gave the assurance at the state’s Real Estate Market Place Conference and Exhibitions, stressed that the policy has not been jettisoned, adding that the government was currently working on modalities for its effective take-off.

Lagos Real Estate Market Place Conference and Exhibitions is an annual event hosted ed by Lagos State Real Estate Regulatory Authority (LASRERA). This year’s edition, the third in the series, had as its theme, ‘Lagos Real Estate Emerging: Mitigating Potential Risks’.

The governor explained that delay in the take-off of the policy was as a result of government’s determination to ensure that all grey areas that could hamper the sustainability of the policy were addressed.

“What we have done is to return to the drawing board to re-examine the appropriate timing and best strategy that can be adopted to make the policy sustainable,” the governor disclosed.

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“The decision of the government to come up with the monthly rent is to support tenants and landlords regarding rent remittance; we cannot compromise government’s stand on protecting the interest of both house owners and accommodation seekers in all parts of the State,” the governor assured.

The governor who was represented at the event by his deputy, Obafemi Hamzat, commended stakeholders in the real estate sector for gathering, on annual basis, for the conference to deliberate on the path towards achieving a greater Lagos through the sector.

“I appreciate you for demonstrating willingness, through your presence at this conference, to partner with us to develop a real estate sector that reflects the status of our state as the commercial and industrial nerve centre of Nigeria.

“This conference was initiated as a platform for individuals and organizations operating in the real estate sector to network and address issues affecting the real estate business in Lagos State,” he said.

Toke Benson-Awoyinka, the Special Adviser to the Governor on Housing, noted that the real estate sector had been plagued with risks and losses which have been critical issues for practitioners.

Benson-Awoyinka noted that the Globalisation on transparency of Business Transactions in the Real Estate Markets, as mandated by international standard of any investments, necessitated the involvement of government in the regulation of this sector which also informed the setting up of LASRERA.

“As an integral part of the real estate sector, government’s regulations must address the ethical standards and potential risk in terms of losses for the protection of people’s investments.

“The risk of losses in the sector can be curbed if individuals and organizations that are operating in the real estate register with LASRERA so that fraudulent practices can be reduced to the barest minimum,” the Special Adviser emphasised.