August 13, 2016

Further Reforms to the Real Estate Transaction Business in Lagos

Dolapo Omidire

The Lagos State Government plans to reform the Real Estate Transaction Business in the State by overhauling the Lagos Estate Management Information System (LAGEMIS) to solve the problems typically associated with the enforcement and management of the Lagos State Tenancy Law.

Speaking in an interview with news correspondents, The Commissioner for Housing, Prince Gbolahan Lawal said:

“At the core of the new system is the accumulation and management of valuable data relating to Real Estate Transaction[s]. This is geared towards LAGEMIS transaction reforms which includes a complete overhaul of its present operation, system information management, record keeping and retrieval to improve its productivity and consequently its revenue generation base.”

Moving forward, the Lagos State Government is looking to:

  • Create a secure web-based centralised data of all estate transactions in the State,
  • Ensure codification of all government-owned estates and,
  • Automate of the application for allotment, approval and payment.

The Commissioner emphasised that the new system would ease the process of doing business in the real estate value chain, enhance transparency in real estate transactions and also enhance the government’s ability to mine data for key developmental projects.

In early 2015, Former State Governor Fashola embarked on related initiatives including the consolidation of the land registration process and a reduction in land transaction fees in a similar bid to ease the process of doing business in real estate.

 

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