In a decisive step toward easing the burden of property transactions and bringing greater order to the built environment, the Lagos State Real Estate Regulatory Authority (LASRERA) has entered into a strategic partnership with the Chairmen of the 57 Local Governments and Local Council Development Areas (LCDAs) across Lagos State.
The initiative aims to regulate and significantly reduce agency and legal fees charged by real estate practitioners, promoting transparency and affordability for residents engaging in property deals.
During a recent meeting in Ikeja with the council chairmen, the Lagos State Commissioner for Housing, Hon. Maruf Akinderu-Fatai, emphasized that the move is part of the state government’s broader agenda to make housing more accessible and reduce exploitative practices in the sector. “Our goal is to bring sanity to the housing space and make life easier for the average Lagosian,” he said.
He reaffirmed the administration’s commitment, under Governor Babajide Sanwo-Olu, to ensure housing is treated as a basic human need that must be affordable and accessible to all.
Echoing this stance, the Special Adviser to the Governor on Housing, Hon. Barakat Odunuga-Bakare, reiterated that agency fees should not exceed 10 percent of the transaction value. “Anything above that is exploitative and unacceptable,” she stressed, adding that the government is actively working toward a system where tenants can pay rent monthly, rather than annually.
She further urged residents to only engage with registered real estate agents and developers, noting that unregistered practitioners pose significant risks to both tenants and landlords. “LASRERA is here to protect all parties involved in property transactions,” she said. “We will not relent in our efforts to restore order in the built sector.”
The partnership with the LG and LCDA Chairmen is expected to strengthen LASRERA’s oversight at the grassroots level, where a large volume of housing transactions occur. It represents a major policy shift aimed at embedding fair housing practices in every corner of the state.
Residents were encouraged to visit the LASRERA website to confirm the registration status of real estate practitioners and report any violations.
This collaboration signals the state government’s renewed commitment to fostering a more transparent, equitable, and affordable real estate environment for all Lagosians.
