By Maduka Nweke
The Lagos State Government (LASG) has strongly condemned the continuous rise in rent prices and called on landlords to halt the unjustified hikes that have burdened tenants.
While the move comes amid growing concerns over affordability and the impact on residents across the state, the incumbent administration has reiterated its commitment to implementing the monthly, quarterly and yearly rent payment design.
It has also engaged all relevant stakeholders for the smooth take-off of the initiative for the benefit of rent seekers.
The LASG has equally charged professionals and trade groups in the real estate sector to be sensitive to public outcry over incessant and worrisome rent increment and unnecessary fees as currently charged in defiance of the provision of the real estate law of Lagos State.
The state’s Commissioner for Housing, Moruf Akinderu-Fatai and the Special Adviser to the Governor of Lagos State on Housing, Barakat Odunuga-Bakare, gave this commitment and charge recently during an exploratory meeting with executives of Estate, Rent and Commission Agents Association of Nigeria (ERCAN).
The duo, while expressing the concern of the state government on the unwholesome practices among estate agents, with consequential upward swing in rent default, referred the practitioners to the provisions of the Lagos State Real Estate Transaction Law ‘’the existing law recognises your role and specified percentage of chargeable fees of not more than 10 per cent on real estate transactions’’ stated the Hon Commissioner.
Akinderu-Fatai also encouraged estate agents and similar bodies to come out strongly against quacks who encourage property owners to increase rent arbitrarily and create fees unknown to real estate transactions law of Lagos State. He further advised ERCAN members to help spread the promotion of monthly, quarterly, and yearly rent among its members. The Commissioner stated that Lagos State Government is ready to partner with all stakeholders to promote the rent payment system to ‘’halt the indiscriminate practices, make rent affordable, guarantee the interest of property owners and continuity of regular payment of rent by tenants’’.
The President of Estate Rent and Commission Agents Association of Nigeria, Mr. Godwin Aleke, in his remarks, stated that its members are committed to rent affordability and will assist the Lagos State Government to promote the monthly, quarterly, and yearly rent system. He pledged the association’s readiness to work in synergy with other professional bodies and stakeholders to sanitize the real estate practice in Lagos State henceforth.
The meeting is part of the ongoing strategic stakeholders’ engagement on rent and indiscriminate fees 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.
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