Experts lament fraudulent activities in real estate sector, seek govt’s intervention
Experts in the real estate industry have lamented increasing fraudulent activities in the sector, urging the government to ensure regulations to curtail the anomalies.
They maintained that part of the reasons for the over 18 million housing deficit in the country was land acquisition by the government in some areas and Omo Onile interferences, saying that these are the challenges bedeviling the industry.
The stakeholders, however, commended government’s plan to ensure compulsory membership registration of all real players in the Real Estate Developers Association (REDAN), saying this would go a long way in solving the problems.
The experts spoke, yesterday, at a leadership summit tagged: “Strategies for Sustainable Growth and Goals Accomplishment in the Real Estate Industry,” organised by Conquerors Homes Limited in Lagos.
Managing Director, Conquerors Homes Limited, Kingsley Akadidi, lamented a situation whereby investors were discouraged from investing in the sector for fear of dishonest activities.
Akadidi urged the government to introduce policies that would attract investors in the industry, saying that this would solve the challenges in the sector.
He said: “There are people that want to invest in the sector but because of fraudulent activities, they exercise caution to come in. If the issue of fraudulent activity is addressed, I believe the industry will be more attractive.
“Also, if the government wants to reduce housing deficit, it must assist the private investors to remove hiccups on land documentations.”
On his part, CEO, Sterling Homes and Secretary, REDAN, Dr. Kunle Adeyemi, corroborated the need to regulate the real estate sector to realise its full potential.
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