Oyo Lawmaker Moves Motion to Strengthen Real Estate Regulations

Oyo Lawmaker Moves Motion to Strengthen Real Estate Regulations

In a bid to curb fraudulent practices and protect residents and investors, Hon. Abiodun Babalola, representing Ibadan North-East 1, has moved a motion at the Oyo State House of Assembly to strengthen regulations on real estate practices.

The motion, which was presented on the floor of the House, highlights the persistent challenges faced by residents and property buyers in Oyo State due to exploitative practices in the real estate sector. Despite a previous motion moved in February 2024, the issues persist, with fake real estate agents and licensed developers deceiving accommodation seekers, falsely advertising properties, and collecting multiple payments on single rental units.

Key Issues Raised

- Fraudulent Rental Transactions: The motion notes that house rent fees have increased drastically without improvements in housing quality, infrastructure, or basic amenities.

- Monopolistic Restrictions: Estate developers have imposed restrictions on land buyers, forcing them to use affiliated engineers and contractors, limiting their freedom to develop properties independently.

- Lack of Regulation: The absence of strict real estate regulations has led to growing public complaints, with unsuspecting property buyers and tenants falling victim to fraudulent practices.

Proposed Solutions

To address these issues, the motion resolves to:

1. Register Real Estate Agents and Developers: The Ministry of Lands, Housing, and Real Properties Protection Agency should register all real estate agents and developers, maintain a database of properties, and monitor land sales, rental agreements, and estate development activities.

2. Ensure Freedom to Engage Licensed Professionals: Landowners should be given the freedom to engage any licensed engineer or contractor of their choice.

3. Regulate House Rent Increases: The government should regulate house rent increases and prohibit real estate agents from imposing excessive fees.

4. Verify Real Estate Advertisements: A verification process should be introduced to prevent misleading promotions.

The motion urges the Executive Arm of Government to take decisive steps to enforce compliance and protect the rights of residents and investors in Oyo State.