The Lagos State Authorities has referred to as on stakeholders in actual property, to work out modalities for residents to pay home rents on a month-to-month foundation as a substitute of yearly.
Governor Babajide Sanwo-Olu made the decision through the Coverage Roundtable Dialogue with key stakeholders within the Actual Property Sector in Lekki on Thursday.
The roundtable was organised by the Lagos State Actual Property Regulatory Authority (LASRERA).
In keeping with Sanwo-Olu, a scenario the place residents face strain as soon as their rents have been due was not palatable.
He additionally famous that the housing deficit in Lagos State was large and urged non-public practitioners to play by the principles.
”The true property can contribute 20 to 25 per cent to the GDP. We have to have clear information the place landlords would now not be demanding one yr lease forward.
”Landlords ought to see how they will scale back yearly lease to month-to-month. The housing deficit in Lagos is large and unacceptable, however authorities can not do it alone,” Sanwo-Olu mentioned.