The Lagos State Government has called on key players in the real estate sector to support efforts aimed at reducing rent burdens on residents and eliminating illegal fees.
At a stakeholders meeting chaired by the Commissioner for Housing, Moruf Akinderu-Fatai, and the Governor’s Special Adviser on Housing, Barakat Odunuga-Bakare, estate surveyors, developers, and agents were urged to stop collecting unlawful fees such as caution fees, inspection fees, and finder’s fees.
According to Ganiu Lawal, Deputy Director of Public Affairs, these practices undermine the integrity of the industry and harm tenants.
The government emphasized its plan to enforce existing laws such as the Lagos Tenancy Law and the Real Estate Regulatory Authority Law, which cap fees at no more than 10% per transaction. It also reiterated its commitment to promoting monthly and quarterly rent payments.
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Akinderu-Fatai noted that while the demand for housing outpaces supply, it does not justify exploiting accommodation seekers. He stressed Governor Sanwo-Olu’s resolve to bring sanity to the sector.
Representatives of professional bodies at the meeting expressed willingness to collaborate with the government on reforms, including advocacy and public sensitization on best practices in real estate transactions.
A follow-up forum involving broader stakeholders, including the Nigerian Bar Association, is planned to ensure industry-wide compliance and support.
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