Lagos To Begin Implementation Of Monthly Tenancy Rate Payment By 2022

Lagosians will from next year be empowered by law to begin paying their tenancy rate on a monthly basis as against yearly as is presently the case. This is according to the Lagos State governor, Babajide Sanwo-Olu.

Mr. Sanwo-Olu gave the hint while speaking at this year’s edition of the Lagos Real Estate Conference and Exhibitions held at Eko Hotel and Suites in Victoria Island this Tuesday with the theme: “Lagos: 21st Century Real Estate Investment Hub.”

The governor explained that the concept was not to disenfranchise landlords or reduce the expected revenue of the property but to find a common ground which will be beneficial to both the tenant and also to the landlords.

According to him, the new policy is expected to kick off by 2022 and will help tenants pay easily for their rents as against what obtained earlier where the yearly paying of house rents usually comes with heartaches and tension for tenants.

”Let me also add that by next year a new policy of monthly tenancy on property occupancy would kick off in Lagos. The concept is not to disenfranchise the landlord or reduce the expected revenue of the property,” the governor said.

Continuing he says the position has been throughly considered and is aimed at easing the pressure on tenants: ”It is our well considered position that monthly tenancy would ease off pressure on tenants, as the new policy is designed to make people pay their rents according to their monthly earnings,” he concluded.

Speaking further, the governor said he is not unaware of efforts of some unscruplus elements in his goevrnment who are sabotaging the smooth take-off of the State’s Enterprise Geographic Information System (e-GIS) project which is intended to automate the approval of land surveys and allocation titles.

He warned that he would deal decisively with such individuals who are caught and that the administration will be ruthless in purging saboteurs within the system.

The  Lagos Real Estate Market Place Conference and Exhilaration, the second in the series is a two day event which saw industry practitioners  and stakeholders in the real estate industry in attendance.