The Lagos State Government has officially banned all real estate activities by individuals or organizations not registered with the Lagos State Real Estate Regulatory Authority (LASRERA), declaring such practice a criminal offence.
The announcement, made in Alausa, Ikeja, by the Special Adviser to the Governor on Housing and Head of LASRERA, is part of an intensified effort to combat fraud and restore sanity in the state’s booming property sector.
The government emphasized that no person or company is permitted to operate as a real estate agent, realtor, or practitioner in Lagos without a valid LASRERA certificate. It also warned that clients who transact with unregistered agents could face legal consequences.
LASRERA, the regulatory body overseeing all property-related activities in Lagos, is tasked with registering professionals, monitoring transactions, and investigating complaints to protect the interests of tenants, landlords, and certified agents.
In its statement, the agency reminded agents that:
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Agency fees must not exceed 10% of the total transaction value.
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Collecting more than one year’s rent in advance is illegal.
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Violators will face strict penalties under the law.
Residents were urged to report cases of fraud, overcharging, or unethical conduct to LASRERA and to always verify the registration status of agents before entering into any real estate transactions.
This crackdown aligns with Governor Babajide Sanwo-Olu’s broader real estate reform agenda, which seeks to ensure transparency, fairness, and accountability within the industry.