Inside New Proposed Changes for Kenyans Selling Land
Molo MP and Chairperson of the National Assembly Finance Committee, Kuria Kimani, announced on Saturday that he had submitted a proposal to the Budget and Appropriations Committee to create a regulatory body for real estate agents.
The lawmaker announced through official channels that the proposed legislation aims to create a real estate regulatory authority. This authority will be responsible for overseeing and regulating real estate agents working within the country.
The MP, who presented the proposal to the Budget and Appropriations Committee on Friday, April 26, seeks to have it included in the Real Estate Regulation Bill, 2024.
Kimani has suggested that the Body be given the power to standardize licensing requirements for real estate agents, brokers, and developers.
The Authority should also focus on registering property dealers to eliminate dishonest traders from the industry.
Additionally, the Authority is anticipated to set ethical guidelines that participants in the real estate sector must follow.
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The MP emphasized the necessity of a regulatory body because Kenyans have been misled into purchasing imaginary plots of land and have fallen victim to questionable transactions.
“This is after Kenyans have been losing their money through investments in non-existent pieces of land or apartments. Hence, there is a need to have a proper regulatory framework to safeguard the interests of property buyers & investors and weed out the unscrupulous operators”, stated the MP.
He pointed out that establishing the Regulatory Authority would also benefit the government by allowing it to collect revenue through licensing fees.
It will promote greater professionalism and maintain ethical standards in the real estate industry.
The establishment of this organization was proposed alongside another initiative aiming to require real estate agents to have a degree before being allowed to register and sell land in the country.
Both plans were put forward when Kenyans were expressing worries about being deceived by real estate companies that had emerged across the country.
Inside New Proposed Changes for Kenyans Selling Land
