The Commissioner for Housing in Lagos State, Hon. Moruf Akinderu-Fatai, has 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 transaction law of Lagos State.
The state government has equally charged professionals and trade groups in the real estate sector to be sensitive to public outcry over incessant and worrisome rent increments as well as unnecessary fees as currently charged in defiance of the provision of the real estate law of Lagos State.
He said, “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 ensure the continuity of regular payment of rent by tenants.”
The commissioner further reiterated commitment to the implementation of monthly, quarterly and yearly rent of not more than a year’s payment and has been engaging all relevant stakeholders for the smooth take-off of the system for the benefit of rent seekers.
The Commissioner for Housing in Lagos State, Moruf Akinderu-Fatai, and the Special Adviser to the Governor of Lagos State on Housing, Barakat Odunuga-Bakare, gave this commitment and charge today during an exploratory meeting with executives of the Estate, Rent and Commission Agents Association of Nigeria.
The duo, while expressing the concern of the Lagos State Government on unwholesome practices among estate agents, with consequential upward swings in rent defaults, referred the practitioners to the provisions of the Lagos State Real Estate Transaction Law.
“The existing law recognises your role and specified percentage of chargeable fees of not more than 10 per cent on real estate transactions,” stated Akinderu-Fatai.
He further advised ERCAN members to help spread the promotion of monthly, quarterly and yearly rent among its members.
The President of the Estate Rent and Commission Agents Association of Nigeria, Godwin Aleke, in his remarks, stated that its members were 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 sanitise the real estate practice in Lagos State henceforth.
The meeting was part of the ongoing strategic stakeholder engagement on rent and indiscriminate fees as charged by agents in Lagos State.
