By Izunna Okafor, Awka
The Anambra State House of Assembly has taken a major legislative step toward regulating real estate activities in the state with the passage of a bill seeking to establish the Anambra State Real Estate Agents and Developers Regulatory Agency.
The development was disclosed by the member representing Nnewi South I Constituency in the State House of Assembly, Hon. Chuddy Atuchukwu, in a post shared on his verified social media platforms on Friday, December 19.
According to the lawmaker, the bill had successfully passed its third reading on Tuesday and was subsequently approved by the House, marking what he described as a landmark achievement for the state’s real estate sector.
Hon. Atuchukwu explained that the bill, which was sponsored by him, was guided by the leadership of the Speaker of the House, Rt. Hon. Somto Udeze, and enjoyed the support and collaboration of several lawmakers, including Hon. Ikenna Ofodeme, Rt. Hon. Johnbosco Akaegbobi, Rt. Hon. Noble Igwe, Rt. Hon. Ejike Okechukwu, Hon. Jude Akpua, Hon. Pat Okafor, among others.
According to him, the proposed law is aimed at sanitizing the real estate sector in Anambra State through the creation of a dedicated regulatory agency that will oversee, license, and regulate the activities of real estate agents and developers operating within the state. He noted that the agency, when established, will ensure strict adherence to defined standards, promote transparency and accountability, and standardize land and property transactions in order to curb fraud, sharp practices, and misrepresentation.
The lawmaker further stated that the regulatory framework is expected to significantly boost investor confidence by providing a credible and protective system for investors, homeowners, and landowners. He added that the bill will also encourage professionalism and ethical conduct within the sector by setting and enforcing clear operational and ethical benchmarks for practitioners.
Describing the passage of the bill as a turning point, Hon. Atuchukwu said it aligns with broader efforts to make Anambra State a more attractive destination for private capital and real estate development. He expressed confidence that the measure would strengthen confidence in property transactions and contribute to sustainable urban and economic development across the state.
The Lawmaker also expressed gratitude to the Speaker of the House and his colleagues for their leadership, guidance, and cooperation, which he said were instrumental in steering the bill to its successful passage. He further hailed Ndi Anambra and his constituents for their continued support and prayers, while also assuring them of his commitment to pursuing policies and legislation that would enhance the state’s investment climate.
This reporter, Izunna Okafor, gathered that the bill for the establishment of the Anambra State Real Estate Agents and Developers Regulatory Agency is expected to proceed to the next stage of the legislative process, in line with constitutional provisions, before it soon becomes law.
