Molo MP and National Assembly Finance Committee Chairperson Kuria Kimani on Saturday revealed that he had fronted a proposal to the Budget and Appropriations Committee that sought to establish a regulatory body for real estate agents.
Through his official channels, the lawmaker revealed that the piece of legislation sought to establish a real estate regulatory authority whose primary mandate will be to regulate real estate agents operating within the country.
The MP having submitted the proposal to the Budget and Appropriations Committee on Friday, April 26 wants the proposal embedded in the Real Estate Regulation Bill, 2024.
Kimani has proposed that the Body be granted the authority to ensure a standardised approach to licensing requirements for real estate agents, brokers and developers.
The Authority will also be expected to ensure the registration of property dealers, a move geared at weeding out unscrupulous traders within the industry.
Moreover, the Authority is expected to establish ethical standards to which players in the real estate industry will be required to adhere.
While addressing the need for the regulatory body, the MP stated that it was necessitated by Kenyans being duped into buying non-existent pieces of land and being tricked into shady deals.
“This is after Kenyans have been losing their money through investments of 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.
However, he noted that having the Regulatory Authority will also be beneficial to the government through the collection of revenues via licensing fees.
It will also create enhanced professionalism while adhering to ethical standards in the real estate industry.
The proposed creation of the body also came in the backdrop of another proposal looking to ensure that real estate agents possess a degree before being registered to sell land in the country.
Both proposals were fronted at a time when Kenyans have been raising concerns over being duped by real estate companies that had cropped up in all regions of the country.
