In a recent gathering at Alausa, Ikeja, Barakat Odunuga-Bakare, the Special Adviser to the Lagos State Governor on Housing, shed light on a troubling issue plaguing the real estate landscape. Over the past four years, the Lagos State Real Estate Regulatory Authority (LASRERA) has been swamped with an astounding 1,577 petitions related to real estate fraud.
Petition Onslaught
Odunuga-Bakare didn’t shy away from revealing the staggering numbers. “Since 2020, when the agency first started, we’ve been hit with over 1,577 petitions. While we’ve managed to resolve 1,027 cases, eight are currently tangled up in court, underscoring the gravity of the problem.”
Sorting the Good from the Bad – and the Unregistered
Expressing deep concern about the duality of developers in the sector, the Special Adviser stressed the urgency of registration. She made a heartfelt appeal to brokers, developers, agents, and realtors to join LASRERA’s registry, contributing to the cleanup of the real estate sector. Odunuga-Bakare recounted a recent encounter with an association boasting 4,000 members, where inquiries about registered practitioners yielded no clear answers.
Seeking Justice: A Pledge to Victims
Reassuring victims of real estate fraud, Odunuga-Bakare encouraged them to submit petitions to LASRERA. She highlighted a collaborative effort with the Attorney General, ensuring a streamlined court process for real estate cases, promising resolution within 90 days and a maximum of 24 months for court-bound cases.
United Against Fraud
Recognizing the pervasive nature of the issue, the Special Adviser spoke of partnerships with both the private sector and law enforcement agencies. A notable collaboration with the Economic and Financial Crimes Commission (EFCC) resulted in shared cases and joint efforts to combat fraudulent practices.
Under a Thousand: The Registered Practitioner Dilemma
Despite the substantial number of individuals involved in real estate in Lagos State, Odunuga-Bakare dropped a bombshell – fewer than a thousand have registered with LASRERA. This revelation raises serious concerns about the lack of regulation in the sector, emphasizing the urgent need for increased registration to curb fraudulent activities.
In conclusion, the surge in real estate fraud petitions exposes the challenges faced by both authorities and potential homeowners. The collaborative endeavors and specialized legal processes are pivotal steps toward mitigating the impact of fraud in Lagos State’s real estate sector.
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