The Oyo State House of Assembly has taken decisive action to address issues in the real estate sector, following a motion raised in February 2024 highlighting fraudulent practices by real estate agents and developers.
The motion, presented by Hon. Abiodun Babalola, representing Ibadan Northeast Constituency 1,
drew attention to the challenges faced by residents, including deceptive advertising, excessive fees, and unfair rental practices.
In the motion, he noted that: “the fraudulent activities of fake real estate agents and some licensed developers” have left many accommodation seekers vulnerable.”
It further highlighted that “house rent fees have increased drastically, often without any improvement in housing quality, infrastructure, or basic amenities.”
The Assembly has resolved to urge the Executive Arm of Government in the state to implement stronger regulations aimed at protecting property buyers and tenants.
Proposed measures include the registration of all real estate agents and developers, ensuring that landowners can choose their own contractors, and regulating house rent increases.
The Assembly emphasised that “Oyo State must take decisive steps to regulate land sales, property rentals, and developer activities to ensure that the rights of residents and investors are protected.”
Additionally, the Assembly called for a verification process for real estate advertisements to prevent misleading promotions, stating that the absence of strict regulations has led to “growing public complaints” as unsuspecting property buyers and tenants fall victim to fraudulent practices.
The Committee on Lands, Housing, and Survey is tasked with conducting oversight visits and engaging with affected residents to document grievances and recommend policy changes.
These initiatives are aimed to enhance consumer protection in the real estate market and restore public confidence in property transactions in Oyo State.
