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Lagos State Government said on Thursday that 50,000 real estate agents and property developers had registered with the Corporate Affairs Commission (CAC) as operators in the sector.
Spokesperson for the Lagos State Real Estate Regulatory Authority (LASRERA) Mrs. Adeoti Sobowale said in a statement that Mrs. Toke Benson-Awoyinka, the special adviser to Governor Babajide Sanwo-Olu on Housing, made the disclosure during a special gathering of top government functionaries in Ikeja, Lagos.
She said that the functionaries included permanent secretaries in the state’s Ministries, Departments and Agencies and chairmen of 57 local governments and local council development areas.
Benson-Awoyinka said the estimated figure excluded law firms and others who also operated in the sector.
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She said that the mandate of the agency was to register real estate agents, property developers and other operators in the real estate business.
The special adviser said that the regulation of the activities of service providers in the real estate property market would help build the confidence of residents.
She said the regulation will also boost the confidence of prospective investors, who want to trade in the real estate market.
“The compliance with the directive to register as operators in the real estate sector will enable the agency to have a database of the operators.
“This will also help the agency to curb dubious activities being perpetrated in the industry,” she said.
According to her, the overall idea behind the establishment of the agency is to conform to the T.H.E.M.E.S agenda of the present administration.
The special adviser listed the benefits of the establishment of the agency to include: improvement in the policy of Ease of Doing Business.
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