Stakeholders in the real estate sector have raised the alarm over a draconian law that seeks to push them out of business.
One of the Bill’s pivotal features is the licensing of real estate agents whereby it proposed a hefty five hundred thousand for every real estate player to be duly registered. By introducing an annual licensing requirement, the legislation ensures that agents continually meet the stipulated standards of professionalism and ethics.
This is essential for safeguarding the interests of purchasers and ensuring that agents remain updated with industry developments. The Land Amendments Bill of 2023 is a piece of proposed legislation aimed at making changes to land related laws and regulations of the 2012 land laws in Kenya.
Additionally, the Bill places significant emphasis on compliance with its provisions. Real estate agents and developers must adhere to the Act’s guidelines and regulations, promoting best practices and ethical conduct. Failure to do so can result in penalties, ensuring accountability within the sector.
But Dr. Hezekiah Kariuki, the managing Director of Comfort Homes, expressed dissatisfaction with the new law, saying they were not consulted.
“The only constant thing in Kenya today is change. Change is happening left, right and center but we would like to be involved before such sweeping changes are done.”
Dr. Kariuki noted that the sector has been instrumental in job creation and lamented that once such a law is passed, it will be to the detriment of several players who cannot afford that amount for registration.
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