Lagos State Cracks Down On Landlords Charging Excessive Rent Prices

Lagos State Cracks Down On Landlords Charging Excessive Rent Prices....KINDLY READ THE FULL STORY HERE▶

The Lagos State Government has declared that homeowners found renting out their apartments at exorbitant rates will be subjected to penalties. The announcement, made by the state housing commissioner, Moruf Akinderu-Fatai, emphasizes that allottees engaging in such behavior will face severe consequences imposed by the government……..CONTINUE READING

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According to Akinderu-Fatai, numerous complaints have been received from residents of various public housing schemes regarding the excessive rent charged by some homeowners. The commissioner asserted that the state government is prepared to revoke allocations from those found guilty of this practice.

Highlighting the government’s intent behind allowing allottees to make a five percent down payment and spreading the remaining amount over ten years, Akinderu-Fatai emphasized that this measure was aimed at making life more manageable for Lagosians. However, some individuals are allegedly exploiting the government’s generosity by renting out these apartments for profit, contrary to the intended purpose.

Expressing concern over the inconvenience caused to citizens despite the government’s efforts to create affordable living conditions, Akinderu-Fatai urged estate facility managers and association members to report any negligent allottees to the ministry. He warned of potential consequences, including the withdrawal of homeowners’ units and a refund of their money.

Despite these strict measures, the commissioner assured the public that the State Government remains committed to providing outright purchase and rent-to-own platforms. These initiatives are designed to address the housing needs of first-time buyers who are in urgent need of suitable accommodations. The government aims to strike a balance between facilitating affordable housing and penalizing those who exploit the system for personal gain.

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Source: Bushradiogist