The Lagos State Government has unveiled plans for a new tenancy law aimed at tackling arbitrary rent increases, illegal charges and fraudulent practices in the real estate sector.
Commissioner for Housing, Moruf Akinderu-Fatai, said the proposed bill, currently before the Lagos State House of Assembly, would introduce reforms to protect tenants and sanitise the housing sector.
The proposed law will make registration with the Lagos State Real Estate Regulatory Authority (LASRERA) compulsory for all estate agents operating in the state, while unregistered practice would become punishable by law.
The government also reiterated that estate agency fees in Lagos should not exceed 10% of the total rent paid by tenants.
