A member of the Lagos State House of Assembly, Mr. Stephen Ogundipe, has announced that the new Tenancy Bill aims to protect tenants from exploitation by estate agents. The bill proposes reducing agency fees on annual rents from 10% to 5%, addressing public complaints about high charges.
During a recent public hearing on the bill, Ogundipe expressed optimism that it would foster better landlord-tenant relations and encourage real estate investment in the state. He highlighted that the bill is designed to benefit both tenants and landlords, reducing disputes and barriers to large-scale housing development.
The proposed law also includes provisions for landlords to maintain their properties with prior notice to tenants and emphasizes the need for landlords to insure their premises against loss or damage.
The public hearing saw participation from various stakeholders, including representatives from real estate bodies and legal associations, all contributing to shaping a balanced law.
Ogundipe thanked all participants for their input, which he believes will help create a progressive framework for housing in Lagos.
