THE government is all set to table the Real Estate Bill, which seeks to set policies and plans for managing and regulating the sector.
This was said in Parliament here yesterday by the Minister for Lands, Housing and Human Settlements Development, Wlliam Lukuvi when tabling his ministry’s budget estimates for FY 2018/2019.
Minister Lukuvi said regulating the real estate sector would help provide transparency and effectiveness of its legal frameworks in managing the sector. He said the proposed new law would also revolutionize the selling, renting and managing of real property in the country.
“Our objective is to check unscrupulous estate agents and land brokers in the country and ensure everyone involved in the property market conduct business in a legal manner,” he said.
Though details of the proposed Bill were not made available, it is suggested that a body known as the Estate Agency Board would be established and vested with powers to register and regulate the activities and conduct of estate agents and land brokers.
The Board would also take legal action, including suing unregistered estate agents and land brokers; in addition, it would have powers to scale fees for estate agents.
Minister Lukuvi said his ministry expects to collect a total of 120bn/- from different taxes and levies from the lands sector that during FY 2018/2019, up from some 112bn/- that was earlier set to be collected during the current financial year.
He said the projections would be attained through expanding the scope of tax collection from land sector, as well as a formalization of the unplanned human settlement, especially in urban areas.
The unplanned settlement formalization programme which is executed between 2015 and 2020 focus on making land assets important collateral that can pull out many poor families from abject poverty.
He also said that the government has successfully implemented the reduction by 67 percent the premium levy on land survey and issuance of a title deed during the 2017/18 financial year.