The Oyo State Government has announced plans to regulate the activities of real estate developers in the state in order to protect innocent investors from being duped.This was disclosed by the state Commissioner for Lands, Housing and Urban Development, Williams Akin-Funmilayo, during a meeting with real estate developers.
Akin-Funmilayo said that the regulation is necessary because the government has received several reports of investors being duped by dubious developers.
He said, “We are taking the bull by the horn by registering practitioners and not letting dubious real estate developers take advantage of its people.
“The commissioner added that the regulation will help to ensure that all real estate development projects in the state are properly planned and executed.
Some of the key features of the new regulations are
“All real estate developers in the state must be registered and accredited by the government.
“The government will provide developers with information on designated areas for housing development.
“The government will also profile developers and their projects to ensure that they meet all the necessary standards.
Akin-Funmilayo said that the regulation will help to create a more robust and credible real estate sector in the state. He also said that the regulation will give investors more confidence to invest in the state’s real estate market.One of the developers, Peter Olutoyese, applauded the government’s initiative, saying that it will help to limit the pollution of the industry and give credible developers more chance to thrive.
According to Olutoyese “The advantage of free entry has been abused and the industry has been polluted. So, the regulation will limit the pollution and it will also give credible developers more chance to thrive.
“The Oyo State Government’s decision to regulate the real estate sector is a welcome development. It is hoped that the regulation will help to protect investors and ensure that the state has a well-developed and sustainable real estate sector.