LASG Committed To Monthly Rent Payment, Bemoans Indiscriminate Rent Increment, Fees

Lagos State Government has reiterated commitment to the implementation of monthly, quarterly and yearly rent of not more than a year payment and has been engaging all relevant stakeholders for the smooth take off of the system for the benefit of rent seekers.

The State Government has equally charged professionals and trade groups in the real estate sector to be sensitive to public outcry over incessant and worrisome rent increment as well as unnecessary fees as currently charged in defiance of the provision of the real estate law of Lagos State.

The Commissioner for Housing in Lagos State Hon. Moruf Akinderu-Fatai and the Special Adviser to the Governor of Lagos State on Housing, Barrister Barakat Odunuga-Bakare disclosed this on Wednesday during an exploratory meeting with executives of Estate, Rent and Commission Agents Association of Nigeria (ERCAN).

The duo, while expressing the concern of the Lagos State Government on 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 recognizes your role and specified percentage of chargeable fees of not more than 10% on real estate transactions’’.

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Hon Akinderu-Fatai also encourages 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 the Lagos State Government is ready to partner with all stakeholders to promote the rent payment system to halt the indiscriminate practices, make rent affordable, guaranty 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 monthly, quarterly, and yearly rent systems. 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 as charged by agents in Lagos State. The meeting was also attended by the Permanent Secretary, Ministry of Housing, Engr. Abdulhafis Toriola and Directors in the Ministry.