The Oyo State Government has revealed its intention to regulate the activities of real estate developers in the state.
The announcement came from Williams Akin-Funmilayo, the state Commissioner for Lands, Housing, and Urban Development, during a meeting with real estate developers at the Government Secretariat in Ibadan, the state capital.
Akin-Funmilayo explained that this move is part of the government’s efforts to prevent unscrupulous practices among developers and align with its goal of urbanizing the state. He highlighted instances where individuals had fallen victim to fraudulent developers, emphasizing the need for government intervention.
The commissioner stressed that the government would register practitioners in the industry to prevent dishonest real estate developers from taking advantage of residents. He stated that it is essential for the government to identify legitimate players in the real estate business to protect the interests of investors and the general public.
Akin-Funmilayo further outlined the plan to accredit all real estate developers in the state, providing them with information on designated areas for housing development. This initiative aims to prevent fraud, ensure proper land usage, and encourage investment from the state’s diaspora population.
A representative of Ark View Investment Limited, Peter Olutoyese, commended the government’s decision to regulate the real estate sector, believing it will curb pollution in the industry and create a more conducive environment for credible developers.