Lagos Moves to Slash Real Estate Fees as LASRERA Partners LGAs, LCDAs to Curb Exploitation

Lagos Moves to Slash Real Estate Fees as LASRERA Partners LGAs, LCDAs to Curb Exploitation Lagos Moves to Slash Real Estate Fees as LASRERA Partners LGAs, LCDAs to Curb Exploitation

The Lagos State Real Estate Regulatory Authority (LASRERA) has teamed up with the Chairmen of the 57 Local Government Areas (LGAs) and Local Council Development Areas (LCDAs) across the state.

EpeInsights learnt that the partnership is focused on curbing excessive agency and legal fees in real estate transactions, a challenge that has long plagued Lagos residents.

The move is part of the government’s broader push to bring order to the built environment and ease the financial burden of securing housing.

Speaking during a strategic meeting with the Council Chairmen, the State Commissioner for Housing, Hon. Maruf Akinderu Fatai, said “this collaboration aims to eliminate outrageous charges by some property agents and ensure that real estate services are affordable for the average Lagosian.”

Reinforcing the message, Special Adviser to the Governor on Housing, Hon. Barakat Odunuga-Bakare, noted that agency fees must remain between zero and 10 per cent. “Anything beyond that is exploitative and unacceptable,” she said.

“Our long-term vision is to enable Lagosians to pay rent monthly just like they pay for other essential services.”

She also urged residents to deal only with registered real estate agents and developers, warning that doing otherwise can lead to fraud and financial losses.

“LASRERA is here to protect both tenants and landlords. We are determined to restore trust and sanity in the housing sector,” she added.

By bringing local government leaders into the fold, LASRERA is extending its regulatory reach to the grassroots level, where many housing transactions take place informally.

This inclusive approach is expected to drive greater compliance and awareness among both property agents and the general public.

As part of the initiative, residents are encouraged to visit the LASRERA website to confirm the registration status of any agent or developer before proceeding with any real estate deal.

The public can also file complaints against defaulting practitioners through the platform.Lagos Moves to Slash Real Estate Fees as LASRERA Partners LGAs, LCDAs to Curb Exploitation Lagos Moves to Slash Real Estate Fees as LASRERA Partners LGAs, LCDAs to Curb Exploitation Lagos Moves to Slash Real Estate Fees as LASRERA Partners LGAs, LCDAs to Curb Exploitation

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