Lagos State Real Estate Regulatory Authority has reported receiving a significant number of petitions concerning real estate fraud, totaling 1,577 from 2020 to the present.
Barakat Odunuga-Bakare, the Special Adviser to the Governor of Lagos State on Housing, revealed this during a press briefing held in Alausa, Ikeja, as reported by The PUNCH.
“Since the establishment of the agency in 2020, we have received well over 1,577 petitions. Out of these, we have successfully resolved 1,027 cases, while eight cases are currently in court related to real estate fraud,” she stated.
Odunuga-Bakare expressed concern about the prevalence of both reputable and unscrupulous developers within the sector. She emphasized the importance of registration for brokers, developers, agents, and realtors to streamline and sanitize the real estate industry.
“The presence of fraudulent practitioners tarnishes the reputation of genuine professionals. Recently, an association claimed to have about 4,000 members involved in real estate activities. However, upon inquiry about the number of registered practitioners among them, they couldn’t provide a clear answer,” she remarked.
Addressing victims of real estate fraud, Odunuga-Bakare urged them to file petitions with LASRERA for swift resolution. She also highlighted measures taken by the Attorney General’s office to expedite legal proceedings, including the establishment of special courts dedicated to real estate matters. These efforts aim to ensure timely resolution of cases, with judgments expected within 90 days, or a maximum of 24 months for cases in court.