To tackle the rising cost of housing transactions in the built environment, the Lagos State Real Estate Regulatory Authority has partnered with the chairmen of all 57 local governments and local council development areas across the state.

This initiative aims to regulate agency and legal fees charged by real estate practitioners, ease the burden on residents and promote transparency in property transactions.

Speaking during the meeting with the council chairmen at the Secretariat in Alausa, Ikeja, on Wednesday, the Commissioner for Housing, Maruf Fatai, stated that the aim of the collaboration was not only to reduce the exorbitant fees being charged by some property agents, “but to bring sanity to the built sector and make life easier for the average Lagosian.

“Housing is a basic necessity, and we are committed to ensuring it is accessible and affordable.”

The Special Adviser to the Governor on Housing, Barakat Odunuga-Bakare, stressed that “Agency fees must be between zero and 10 per cent and not more. Anything beyond that is unacceptable and exploitative.“The Lagos State Government’s ultimate goal is to achieve monthly payment of house rent, and we are working tirelessly toward this reality.”

Bakare also urged Lagos residents to only patronise agents and developers duly registered with LASRERA.

“We want members of the public to understand that doing business with unregistered agents poses serious risks.

“LASRERA exists to protect both tenants and landlords, and we will not relent in our effort to restore sanity to the built sector,” she said.

Members of the public were encouraged to visit the LASRERA website to verify the registration status of property agents and file complaints against defaulters. (PUNCH)