LASG Reaffirms Commitment to Monthly Rent Enforcement Plan
The Lagos State Government has restated its dedication to enforcing rental payment schedules that occur monthly, quarterly, and annually, with a cap set at a maximum duration of one year.
Mr. Moruf Akinderu-Fatai, the Commissioner for Housing, disclosed this information in a joint statement with the Special Adviser to the Governor on Housing, Mr. Barakat Odunuga-Bakare, on Wednesday.
During a recent exploratory meeting with officials from the Estate, Rent and Commission Agents Association of Nigeria, Akinderu-Fatai shared his thoughts.
He mentioned that the authorities were actively interacting with various parties involved to guarantee a seamless shift for the betterment of individuals looking for housing.
He pointed out that the government had instructed professionals and industry associations in the real estate field to tackle public worries about the continuous and concerning rise in rental prices, along with the unjustified charges being imposed.
He stated that these actions were presently taking place in breach of the Lagos State Real Estate Transaction Law.
He conveyed the government's concern about unscrupulous behavior among real estate agents, resulting in an increase in rental payment defaults.
He urged professionals to comply with the legal requirements.
Akinderu-Fatai mentioned that the current legislation acknowledges their responsibilities and sets a maximum fee of 10 percent for real estate transactions.
He encouraged estate agents and related bodies to actively denounce unqualified individuals who advise property owners to inflate rents arbitrarily and introduce fees not recognised by the state’s real estate transaction law.
He similarly encouraged ERCAN members to advocate for the monthly, quarterly, and annual rental systems within their membership.
The commissioner stated that the government is prepared to work alongside all parties involved to improve the rental fee framework.
He believes that this system will stop haphazard practices, make rents more affordable, protect the interests of property owners, and secure regular rental payments from tenants.
In response, President of the ERCAN, Mr. Godwin Aleke, committed his organization’s backing to assist in endorsing the state government's rental payment structure on a monthly, quarterly, and annual basis.
He committed to working together with other professional organizations and stakeholders to clean up real estate practices in the state as they move forward.
Provided by Syndigate Media Inc. ( Syndigate.info ).