The Anambra State Government says it has commenced steps to regulate the real estate sector to eliminate fraudulent practices.
The Commissioner for Housing in the state, Pauly Onyeka, disclosed this on Monday, in Awka, when executives of the Awka Estate Agents Association paid him a courtesy visit in his office.
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The commissioner said that, through the regulation, unchecked and fraudulent practices by house agents and real estate developers would be tackled.
Mr Onyeka expressed concerns over what he described as widespread, unregulated, and fraudulent activities in the real estate sector.
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He noted that the Ministry of Housing was set to establish an enforcement team to checkmate such practices across the state.
“It is sad that some developers acquire land from host communities and resell the same at exorbitant prices without meeting agreed financial obligations to the original landowners.
“The influx of untrained and unscrupulous persons into estate agency and land speculation has worsened the situation, often resulting in arbitrary hikes in house rents and property prices,” he said.
Mr Onyeka said the unchecked practices had led to widespread fraud, particularly affecting Anambra indigenes in the diaspora who invest in landed property with the expectation of appreciation.
He said that many such investors often return years later only to discover that the lands they acquired remained undeveloped.
Mr Onyeka noted that the situation had become critical, as anyone could now pose as an estate developer or agent, thereby exposing members of the public to the risk of losing their hard-earned money through fraudulent sales.
“To address the challenges, the ministry will set up a dedicated enforcement team to regulate real estate operators.
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“We will also embark on sustained public sensitisation through radio and social media platforms.
“I urge residents to remain vigilant in their property transactions,” he said.
Earlier, the Chairman of the Awka Estate Agents Association, Nnamah Izuchukwu, commended the government’s efforts to sanitise the sector.
He pledged the association’s cooperation in identifying and eliminating “bad actors” within the industry.
(NAN)
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