Lagos State Government, on Wednesday, launched a Real Estate Transaction portal with the aim to secure property investments and curb fraudulent practices in the real estate sector.
The portal unveiled by the Governor Babajide Sanwo-Olu at a stakeholders’ meeting held at Eko Hotel & Suites in Victoria Island. While speaking, the Governor said, the portal is designed to secure investments in the property market by checkmating unscrupulous dealings in a transactional process.
He further added that it will also afford property owners and tenants to register and transact genuinely with one another without the interference of third parties.
Governor Sanwo-Olu, who was accompanied to the event by his Deputy, Dr. Obafemi Hamzat, emphasized that the launching of the portal became crucial owing to the fraudulent activities going on in the property market.
This is one way to find a lasting solution to incidences of fraudulent and unprofessional practices observed in the real estate sector. The initiative, he said, would promote transparency and best practice in the business,he noted.
The Governor said the State had initially introduced Lagos State Real Estate Transaction Department (LASRETRAD) in its civil service in 2012 to regulate, monitor and develop the institutional framework that would enhance the integrity of the property market. The electronic platform, he said, was introduced to merge the activities of the department.
Sanwo-Olu used the occasion to reiterate his administration’s commitment to bridging the housing deficit in the State by partnering with the private sector, urging stakeholders in the housing sector to embrace the new technology deployed by the Government in securing business transactions in the market.
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