The Lagos State Government has said that no fewer than 50,000 Real Estate Agents and Property Developers have registered with the Corporate Affairs Commission, CAC, as operators in the sector.
The Lagos State Real Estate Regulatory Authority, LASRERA, spokesperson, Adeoti Sobowale made the disclosure Thursday.
According to her the Special Adviser to Gov. Babajide Sanwo-Olu on Housing, Toke Benson-Awoyinka, made the disclosure during a special gathering of top government functionaries in Lagos.
Mr Benson-Awoyinka said the estimated figure excluded law firms and others who also operate in the sector.
Mrs Sabowale said that the mandate of the agency was to register real estate agents, property developers and other operators in the real estate business.
The special adviser explained that the regulation of the activities of service providers in the real estate property market would help build the confidence of residents.
She said the regulation would also boost the confidence of prospective investors who want to trade in the real estate market.
“The compliance with the directive to register as operators in the real estate sector will enable the agency to have a database of all the operators.
“This will also help the agency to effectively curb all forms of illegal and dubious activities being perpetrated in the industry,” she said.
According to her, the overall idea behind the establishment of the agency is to conform to the T.H.E.M.E.S Agenda of the present administration.
The special adviser listed the benefits of the establishment of the agency to include; improvement in the policy of Ease of Doing Business.
She said functionaries at the gathering to include, Permanent Secretaries of the state’s Ministries, Departments and Agencies and Chairmen of 57 local government and local council development areas at Ikeja.