Monthly or Yearly? Governor Babajide Sanwo-Olu Wants Lagos State Landlords To Do This

The state governor, Babajide Sanwo-Olu while speaking on Thursday during a policy roundtable dialogue with real estate stakeholders held in Lekki themed ‘International Best Practices On Real Estate Regulations’, organized by the Lagos State Real Estate Regulatory Authority (LASRERA) urged stakeholders to work hand-in-hand with the state government to address the issue of housing deficit and reduce rents to make life easier for Lagosians.

The Lagos state government has asked stakeholders in the real estate sector to work out modalities for tenants to pay house rents on monthly basis instead of yearly.

He said the current situation where residents are under pressure when their rents are due is not palatable. News Agency of Nigeria, NAN quoted him to have said:

”The real estate can contribute 20 to 25 percent to the GDP. We need to have clear data where landlords would no longer be demanding one year rent ahead.

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“Landlords should see how they can reduce yearly rent to monthly. The housing deficit in Lagos is huge and unacceptable, but the government cannot do it alone.”

The governor said it is clear that there is no proper data concerning the real estate operators in the state thus the need for the LASRERA registration portal.

“This platform will also ensure that we curb bad behaviours either on the landlord side or on the tenant side,” he explained.

“We have a deficit, and even the small one we have is not properly done. People are losing money, people are not being sincere.”

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