Lagos State Government has warned middlemen in the real estate sector to desist from incessant and worrisome rent increment as well as unnecessary fees as currently charged in defiance of the provision of the real estate law of the state.
As contained in a public statement by the Ministry of Information and Strategy, consultations are ongoing with relevant stakeholders towards the smooth take off of the implementation of monthly, quarterly and maximum of yearly rent policy in the state. It also reiterated commitment to its full implementation.
Echoing this during an exploratory meeting with executives of Estate, Rent and Commission Agents Association of Nigeria (ERCAN), Commissioner for Housing in Lagos State Hon. Moruf Akinderu-Fatai and the Special Adviser to the Governor of Lagos State on Housing both expressed the concerns of the Lagos State Government over unwholesome practices among estate agents, with consequential upward swing in rent default.
Referring the practitioners to the provisions of the Lagos State Real Estate Transaction Law, he said: “The existing law recognizes your role and specified percentage of chargeable fees of not more than 10% on real estate transactions’’.
Hon Akinderu-Fatai also encouraged estate agents and similar bodies to come out strongly against quacks who encourage property owners to increase rent arbitrarily and create fees unknown to real estate transactions law of Lagos State. He further advised ERCAN members to help spread the promotion of monthly, quarterly, and yearly rent among its members.
The Commissioner stated that the Lagos State Government is ready to partner with all stakeholders to promote the rent payment system to halt the indiscriminate practices, make rent affordable, guarantee the interest of property owners and continuity of regular payment of rent by tenants.
President of Estate Rent and Commission Agents Association of Nigeria, Mr. Godwin Aleke, in his remarks, stated that its members are committed to rent affordability and will assist the Lagos State Government to promote monthly, quarterly, and yearly rent systems. He pledged the association’s readiness to work in synergy with other professional bodies and stakeholders to sanitize the real estate practice in Lagos State henceforth.
The meeting is part of the ongoing strategic stakeholders’ engagement on rent and indiscriminate fees as charged by agents in Lagos State. The meeting was also attended by the Permanent Secretary, Ministry of Housing, Engr. Abdulhafis Toriola and Directors in the Ministry.
