The Lagos state government (LASG) has urged stakeholders in the real estate sector and landlords in the state to work out modalities for residents to pay house rents on monthly basis instead of yearly.

Babajide Sanwo-Olu, the Lagos state governor, revealed this on Thursday during a policy roundtable dialogue with real estate stakeholders held in Lekki.

The roundtable, which was themed ‘International Best Practices On Real Estate Regulations’, was organized by the Lagos State Real Estate Regulatory Authority (LASRERA).

Sanwo-Olu 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.

He said the current situation where residents are under pressure when their rents are due is not palatable.

Sanwo-Olu said that the housing deficit in Lagos state is huge, and urged private practitioners to play by the rules.

”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,” NAN quoted him to have said.

“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.”