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By Njeri Irungu
Instituition of Surveyors of Kenya has this morning given a their views on the proposed Real Estate Regulations Bill(2023l. The institution voiced its concerns and recommendations regarding the towards the bill which is currently under government consideration. The bill, aimed at regulating the real estate sector, has elicited mixed reactions from various stakeholders.
ISK, a prominent professional organization representing surveyors in Kenya, has urged the government to carefully consider the implications of the bill, which seeks to regulate the business of negotiating the sale, purchase, or leasing of land and buildings, the registration of real estate agents, land companies, and developers, as well as the establishment of a real estate board.
The president of ISK expressed astonishment at the proposal within the bill that suggests a non-professional board to regulate professionals in the industry. He emphasized ISK’s stance against associating its members with developers who are primarily business-oriented individuals.
ISK further highlighted the concern that some land-buying companies, involved in land subdivision and mass sale of land to the general public, may not have the necessary expertise in real estate. Recent media reports have exposed cases of fraud targeting foreign investors and Kenyan diaspora members, often involving these very land-buying companies.
In light of these issues, ISK called for a revised Real Estate Developers Bill, which should focus on regulating developers involved in constructing real estate units and subdividing plots for sale. The organization emphasized the need to differentiate between professional real estate agents and land developers to ensure appropriate oversight.
The president of ISK also made a plea to the Ministry of Lands to allocate additional funds to the existing Real Estate Regulatory Authority Board (EARB) to strengthen its capacity to monitor and regulate unregistered estate agents. This, ISK believes, will contribute to a more transparent and accountable real estate sector.
ISK promises support towards the the efforts to curb malpractices in the real estate industry while acknowledging the presence of reliable and honest developers who fulfill their contractual obligations. With these recommendations, ISK hopes to ensure that any regulation introduced ultimately serves the best interests of both professionals and the public in the real estate sector.
