- Commits to monthly payment, declares war on quackery in estate management
Lagos State Government has reiterated its commitment to the implementation of monthly, quarterly or yearly rent.
It said it had been engaging stakeholders for the smooth take-off of the system for the benefit of accommodation seekers.
The government urged professionals and trade groups in the real estate sector to be sensitive to public outcry over incessant and worrisome rent increment, as well as unnecessary fees being charged, in defiance of the provision of the real estate law of Lagos State.
Commissioner for Housing Moruf Akinderu-Fatai and Special Adviser to the Governor of Lagos State on Housing, Barakat Odunuga-Bakare, gave the commitment during a meeting with executives of Estate, Rent and Commission Agents Association of Nigeria (ERCAN).
The duo, expressing the concern of the state government about unwholesome practices among estate agents, with consequential upward swing in rent default, referred the practitioners to the Lagos State Real Estate Transaction Law.
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Akinderu-Fatai said: ‘’The existing law recognises your role and specifies percentage of chargeable fees of not more than 10 per cent on real estate transactions.”
He advised estate agents to come out strongly against quacks, who encouraged property owners to increase rent arbitrarily and create fees unknown to real estate transactions law of Lagos State.
He further enjoined ERCAN members to help spread the promotion of monthly, quarterly and yearly rent among their colleagues. The commissioner said Lagos State Government was ready to partner stakeholders to promote the rent payment system, to ‘’halt the indiscriminate practices, make rent affordable, guaranty the interest of property owners and continuity of regular payment of rent by tenants.’’
The President of ERCAN, Mr. Godwin Aleke, said 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 sanitise real estate practice in Lagos State.
The meeting is part of the ongoing strategic stakeholders’ engagement on rent and indiscriminate fee as charged by agents in Lagos State. The meeting was also attended by the Permanent Secretary, Ministry of Housing, Abdulhafis Toriola and directors in the ministry.