In a bid to ensure transparency and protect the interests of property investors, the Oyo State Government has announced plans to regulate the activities of real estate developers within the state. The announcement was made by the state’s Commissioner for Lands, Housing, and Urban Development, Williams Akin-Funmilayo, during a meeting with real estate developers held at the Government Secretariat in Agodi, Ibadan, the capital city.
Commissioner Akin-Funmilayo emphasized that this regulatory action is part of the government’s commitment to urbanize the state and curb fraudulent practices by certain unscrupulous developers. He noted that the government had received numerous complaints from victims who had fallen prey to dishonest real estate developers.
Akin-Funmilayo explained that the government intends to establish a system for accrediting all real estate developers operating in the state. This accreditation process will enable the government to identify legitimate practitioners and ensure they adhere to established guidelines. Additionally, it will help in designating appropriate areas for housing development, ensuring that land is utilized effectively for such purposes.
The commissioner stated, “To protect the interest of innocent investors in the state, we have come up with modalities to accredit all real estate developers in the state, in other to have a robust relationship and curb excess of those that have polluted the industry.” He further highlighted that this initiative would provide clarity to investors about designated government lands available for development.
He added that this regulatory move would boost investor confidence, particularly among those in the diaspora, and encourage them to invest in the state’s real estate sector.
In response to the announcement, Peter Olutoyese, a representative of Ark View Investment Limited, commended the government’s initiative. He acknowledged that the real estate industry had been tainted by unchecked entry, leading to pollution and fraudulent practices. Olutoyese believes that the forthcoming regulation will help clean up the industry and create a more favorable environment for credible developers to thrive.