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Olalere: Govt Policies Will Check Real Estate Scam, Save Industry

Olalere: Govt Policies Will Check Real Estate Scam, Save Industry

Ayodeji Ake

The Chief Executive Officer, Numero Homes, Mrs. Omowunmi Olalere, has frowned at scam activities in the real estate industry, saying government policies will regulate and guide practices within the industry.

Speaking with newsmen recently at the twin event of Numero Homes Head Office and Dozen Price Supermarket dedication, in Lagos, Omowunmi noted allocation scam extorting members of the public of the finances in the name of real estate business can be likened to organisation policies, emphasised on the need for collective effort of the Real Estate Developers Association of Nigeria (REDAN) and government intervention to flush out scam in the industry.

She said: “I’m a member of REDAN and my experience is just for the five years of Numero but I have been in the industry for over 10 years which gives me a clear understanding of the market demand. We saw that people are building luxuries but we are building a cadre of real estate portfolios that will cater for everybody according to their budget. We have created a lot of product portfolios and a mandate of delivering and not just getting the money. We are working so hard to ensure that we meet people’s demand.

“On allocation, once anyone makes an initial deposit, we cut out their property and allocate immediately. Some people get money from buyers and start scouting for land they didn’t market to them but that’s not our culture. We deal based on integrity. We have enough portfolio so we would rather sell another estate and not collect money without allocation.

“On how to deal with scam in the industry, I feel it’s a personal trait and every organization has their own policy. I think the government should enforce some rules and guidelines that the real estate industry must follow. Policies that will guide our practices. Flushing out scam in the system is a collective thing and the government also has a role to play.  It’s good that people are now very much aware and taking precautionary measures.”

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