The Lagos State government has charged the leadership of the Nigerian Institution of Estate Surveyors and Valuers, Real Estate Developers Association of Nigeria, and Association of Estate Agents in Nigeria to support the drive to reduce the rent burden on Lagosians and shun the prevalent illegal fees in the real estate business. In a statement by the deputy director, Public Affairs, Ganiu Lawal, the professional bodies were also urged to stem the rate at which agents across the real estate value chain engaged in competition of fees in real estate transactions.
It stated that, “the introduction of illegal fees such as caution fee, inspection fee, finder’s fee, and others represents a professionally harmful practice which affects tenants and puts the integrity of the practitioners and property owners at stake.
“The Nigerian Institution of Estate Surveyors and Valuers, Real Estate Developers Association of Nigeria, and Association of Estate Agents in Nigeria, were invited to a stakeholders meeting jointly chaired by the Commissioner for Housing, Moruf Akinderu-Fatai, and the Special Adviser to the Governor of Lagos State on Housing, Barakat Odunuga-Bakare.
“The session is a continuation of the strategic engagement to curb arbitrary rent charges, demand for high agent fees, and promotion of sanity in the real estate business in Lagos state.
The meeting was held at the Conference Room of the Ministry of Housing, Alausa – Ikeja.”
The state government, through the commissioner and the special adviser, challenged the association to protect the integrity of the real estate business with support for a joint effort of all stakeholders for full enforcement and compliance with the real estate transaction laws of Lagos State.
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