A Real Estate developer, Okey Ayogu, has expressed concern over the lax regulatory framework of the sector, saying absence of proper regulations was preventing the sector from achieving its potential.
Ayogu, who is Managing Director, Hymac Real Limited, called on the federal and state governments to address the challenges militating against the progress of the real estate sector by introducing right policies to help drive its growth.
Speaking with newsmen in Enugu, at the weekend, when his firm led Enugu realtors to inspect Kateland, Graceland and Redemption Estates, three of the company’s estates in the city, Ayogu noted that there are a lot of untapped opportunities in the sector.
He, however, regretted that lack of proper regulations was enabling charlatans to sell unregistered lands to subscribers in the name of estates. He also frowned on the manner some developers go into selling lands for estate development without first creating necessary infrastructure and enabling the environment for inhabitants of such estates.
He said: “When you look at our estates, you see that so much money has been committed to just infrastructure without any building there yet. This is because we are following the world’s best practices.”
