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Regulators Urged To Intensify Efforts To Curb Fraudulent Practices In Real Estate Sector

Real estate firm, Lexshield Property Limited has urged regulators to intensified efforts to curb fraudulent practices in the real estate sector.

The managing director, Lexshield Properties Limited, Adedayo Ajayi, stated this at the official signing of Brand Ambassador and Realtors Incentive Awards in Lagos, in which nollywood actress, Wumi Toriola, was unveiled as the brand ambassador.

The company also praised the Lagos State government and other stakeholders for regulating the sector.

According to Ajayi, investors were no longer vulnerable, as they now engage due diligence before buying any property.

He revealed that clients now verify lands and agencies before taking any investment decision, adding that the accreditation process from governing bodies had aided in reducing fraudulent activities.

He said, “Accreditation processes are now stricter. Lagos State has associations that help regulate the sector and masses are equipped with better information. People also involve their lawyers in the business transaction.”

Ajayi condemned people who defraud others via social media. “Having studied with keen interest the housing deficit within our clime, we make real estate products very much achievable to the entire populace by providing flexible and affordable land/housing schemes which low, medium or high-income earners can key into.

“As a result of rapid urbanisation, industrialisation, population explosion and migration to cities and major satellite towns in Lagos, Abuja and Port Harcourt and the other states in Nigeria, the need for affordable accommodation has become intense in recent times.”

Lexshield Homes is set for a a new paradigm shift to real estate development in Africa.

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