Barakat Odunuga-Bakare, the Special Adviser to the Lagos State Governor on Housing, has revealed that the Lagos State Real Estate Regulatory Authority (LASRERA) has received a total of 1,577 petitions related to real estate fraud from 2020 to the present date, News About Nigeria reports.
She shared this information during a press briefing in Alausa, Ikeja, on Thursday.
Odunuga-Bakare mentioned that LASRERA has successfully resolved 1,027 cases, and there are currently eight cases related to real estate fraud in court.
Expressing concern about the real estate sector, she noted that it comprises both reputable and unscrupulous developers.
She urged brokers, developers, agents, and realtors to register with the authority to help sanitise the real estate sector.
“The bad ones do not make you see the good ones as doing anything,” she said.
The Special Adviser said that addressing issues of agents or developers defrauding potential homeowners is a priority, and petitioners can submit their complaints to LASRERA for prompt redress.
Odunuga-Bakare also mentioned that the Attorney General has established a special court for real estate matters, ensuring a quicker resolution of cases, with a maximum duration of 90 days or 24 months in court.
Discussing the collaboration between LASRERA and the private sector, she said, “About two months ago, we collaborated with the Economic and Financial Crimes Commission (EFCC).”
She said that this collaboration has resulted in more cases being brought to light, and the EFCC has been actively involved in addressing real estate fraud cases.
Responding to the issue of registration, the Special Adviser noted that there are currently fewer than a thousand registered real estate practitioners with LASRERA, while the number of individuals practicing real estate in Lagos State exceeds a hundred thousand.
She said that registration is important to create a transparent and regulated real estate environment in the state.
Odunuga-Bakare encouraged stakeholders in the real estate sector to register with LASRERA and assured the public that the authority is committed to collaborating with law enforcement agencies to address fraudulent practices in the industry.
