We’ll start monthly house rent in Lagos soon – Sanwo-Olu

Governor Babajide Sanwo-Olu of Lagos State has said the plan to make Lagos landlords accept monthly payment for accommodation was on course, adding that it would commence as soon as modalities for effective take off is completed.

The governor spoke on Tuesday on at the opening ceremony of the Third Lagos Real Estate Market Place Conference and Exhibitions Organized by Lagos State Real Estate Regulatory Authority (LASRERA) at the Eko Hotel and Suites, Victoria Island.

Sanwo-Olu said, “The delay in the initial take-off date for the planned monthly rental payment for accommodation is as a result of government’s determination to ensure that all grey areas that can hamper the sustainability of the monthly payment scheme is addressed.

“What we have done is to return to the drawing board to re-examine the appropriate timing and best strategy that can be adopted to make the policy sustainable.

“The decision of the government on the monthly rental payment is to support tenants and landlords regarding rent remittance. The government cannot compromise its stance in protecting the interest of both house owners and accommodation seekers in all parts of the state.”

The governor, who was represented by the Deputy Governor, Obafemi Hamzat,  noted that the new rent policy would reduce the burden of rent payment for Lagos residents.

Sanwo-Olu appreciated all the stakeholders in the real estate sector for making it a point of duty to gather on annual basis for the conference to deliberate on the path towards achieving a 21st Century economy in Lagos State through sector.

The Special Adviser to the Governor on Housing, Mrs Toke Benson-Awoyinka stated that the real estate sector had been plagued with risks and losses which had been critical issues for practitioners in the sector.

Benson-Awoyinka noted that the globalisation on transparency on Business Transactions in the Real Estate Markets, as demanded from international standard of any investments, necessitated the need for the involvement of government in the regulation of the real estate sector, which informed the establishment of LASRERA.

“As integral part of the real estate, government’s regulations must address the ethical standards of potential risk in terms of losses for the protection of the citizenry’s investments,” she said.