The Lagos State government has, once again, assured renters of intervention to curb the crisis that the rent situation in the state has become.
The state government stressed its commitment to implement monthly, quarterly and yearly rent of not more than a year, disclosing that it has been engaging all relevant stakeholders to ensure smooth take-off of the system for the benefit of renters.
The state has, therefore, charged professionals and trade groups in the real estate sector to be sensitive to public outcry over incessant and worrisome rent increases as well as unnecessary fees charged in defiance of the provisions of the state’s real estate law.
Moruf Akinderu-Fatai, the state’s Commissioner for Housing, and Barakat Odunuga-Bakare, Special Adviser to the Governor of Lagos State on Housing, gave the assurance at an exploratory meeting with executives of Estate, Rent and Commission Agents Association of Nigeria (ERCAN).
The duo, who expressed concern of the state government on unwholesome practices among estate agents, leading to upward swing in rent default, referred the practitioners to the provisions of the Lagos State Real Estate Transaction Law which recognizes the role of the estate agents and specifies percentage of chargeable fees of not more than 10 percent on property transactions.
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The commissioner also encouraged the 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 the state.
Godwin Aleke, the ERCAN President, assured that its members were committed to rent affordability and would assist the state government to promote monthly, quarterly and yearly rent system. He pledged the association’s readiness to work in synergy with other professional bodies and stakeholders to sanitize the real estate practice in the state.
The meeting was part of ongoing strategic stakeholders’ engagement on rent and indiscriminate fees charged by agents in the state. It was attended by the Permanent Secretary, Ministry of Housing, Abdulhafis Toriola, and directors in the ministry.
