The Anambra State Government has commenced steps to regulate estate development and curb fraudulent practices by real estate developers and agents operating across the state.
The Commissioner for Housing, Mr Pauly Onyeka, disclosed this on Monday in Awka during a courtesy visit by executives of the Awka Estate Agents Association to his office.
Onyeka expressed concern over what he described as widespread unregulated and fraudulent activities in the real estate sector, noting that the situation had become critical and required urgent government intervention.
He announced that the Ministry of Housing would establish a dedicated enforcement team to checkmate illegal practices and bring sanity to estate development and agency operations in the state.
According to the commissioner, some developers acquire land from host communities and resell the same land at exorbitant prices without fulfilling agreed financial obligations to the original landowners, thereby creating disputes and undermining trust in the sector.
Onyeka added that the influx of untrained and unscrupulous individuals into estate agency and land speculation had worsened the situation, often leading to arbitrary increases in house rents and property prices.
He noted that the unchecked practices had resulted in widespread fraud, particularly affecting Anambra indigenes in the diaspora who invest in landed property with the expectation of long-term appreciation, only to return years later to find the lands undeveloped.
The commissioner warned that the absence of proper regulation had made it easy for anyone to pose as an estate developer or agent, exposing members of the public to the risk of losing their hard-earned money through fraudulent sales.
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To address the challenges, Onyeka said the ministry would also embark on sustained public sensitisation through radio and social media platforms, while urging residents to remain vigilant in their property transactions.
Earlier, the Chairman of the Awka Estate Agents Association, Mr Nnamah Izuchukwu, commended the state government’s efforts to sanitise the real estate sector and pledged the association’s full cooperation in identifying and eliminating bad actors within the industry.
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