In a decisive move to fortify the integrity of the real estate sector and combat land grabbing, the government is set to implement a comprehensive regulatory framework for all land brokers nationwide.
The forthcoming Real Estate Bill of 2024, meticulously crafted by the Ministry of Lands, Housing, and Urban Development, is poised to revolutionize the industry pending Cabinet endorsement before its presentation to Parliament.
Mr. Dennis Obbo, the Ministry of Lands spokesperson, emphasized the pivotal role of the Real Estate Bill in tackling pervasive issues within the sector, particularly the infiltration of fraudulent practices perpetuated by land and property brokers.
“Recognizing the detrimental impact of unscrupulous land brokers on our communities, the regulation outlined in the Real Estate Bill stands as a beacon of hope to mitigate land grabbing,” remarked Mr. Obbo in an exclusive interview with Monitor.
Under the proposed legislation, all land and property brokers will undergo mandatory registration and licensing, providing the government with vital oversight of their operations and whereabouts.
Responding to calls from stakeholders, including real estate developers, for enhanced regulation, Mr. Brian Kayongo, CEO of Concept Real Estate, advocated for comprehensive licensing requirements to bolster accountability.
“To effectively manage land conflicts, it’s imperative that all brokers, from the seller to the buyer, obtain licenses. These licenses should be intricately linked to the title deed of the purchased land, ensuring traceability and accountability,” stressed Mr. Kayongo during the C-Suite Executive Breakfast with Vusi in Kampala.
The Real Estate Bill, spearheaded by Lands Minister Ms. Judith Nabakooba, garnered initial approval from Cabinet in October last year. However, further consultations and benchmarking exercises in select countries were mandated to refine the legislation.
Eng. Kenneth Kaijuka, CEO of the National Housing and Construction Company, lauded the forthcoming Real Estate Bill, asserting its potential to ameliorate myriad challenges confronting the private sector within the real estate industry.
Mr. Obbo reiterated the government’s commitment to inclusive governance by soliciting input from various stakeholders, including real estate developers, financiers, and brokers, throughout the parliamentary deliberations.
The imminent enactment of the Real Estate Bill heralds a new era of accountability and transparency, safeguarding the interests of both buyers and sellers while bolstering the integrity of the real estate sector.
