“These illegal activities are often perpetrated by unregistered individuals operating outside the purview of established professional bodies,” said Mr Sanwo-Olu’s aide.
The governor’s aide said the warning followed a rise in reports of fraudulent estate agents exploiting unsuspecting buyers, sellers and tenants.
She emphasised that 20 property were also recovered through the agency’s mediation process.
These practices, he said, were currently being carried out in violation of the Lagos State Real Estate Transaction Law.
The Lagos State government has reiterated its commitment to launching the monthly rental scheme.
LASRERA has recovered N478.13 million and 18 properties from fraudulent real estate practitioners over the past four years, returning them to their rightful owners.
LASRERA says it has collaborated with the Economic and Financial Crimes Commission (EFCC) to curb real estate fraud.
“We will also not spare those who are registered and do not renew their yearly subscription with the agency.”
“If we have a proper land administration, we are going to unlock nothing less than 300 billion dollars as investments.”
Mr Akinderu-Fatai said the price fluctuations due to forex and the rising cost of building materials would be resolved.
