Govt set to register, licence land brokers in new real estate law

BY MOSES OLET EMOR

What you need to know:

The regulation is contained in the Real Estate Bill, 2024 which the Ministry of Lands, Housing and Urban Development, has drafted and is now awaiting Cabinet approval before it’s presented to the floor of Parliament.

Government is planning to register and regulate all land brokers across the country to streamline the sector and curb land grabbing. 

The regulation is streamlined in the Real Estate Bill, 2024 which the ministry of Lands, Housing and Urban Development, has drafted and is now awaiting Cabinet approval before it's presented to the floor of Parliament.

Speaking to the press on Friday 23, the Ministry of Lands Spokesperson Mr Dennis Obbo said that the Real Estate Bill will address critical issues in the sector that has been infiltrated by fraudster, especially land and property brokers.

According to Mr Obbo, all land and property brokers in the country will be registered and issued with operating licenses that will enable government to know them and where they operate from.

Mr Obbo was responding to several real estates developers who appeared to the government to regulate land brokers who have become big facilitators of land grabbing.

"All brokers (from the seller and buyer), should have license which must go on the title deed of the purchased land so that if there is any issue with the land transaction, we shall start with the brokers since they can be traceable unlike now when you deal with a broker only for them to disappear in case of any problem", he said.

About the Bill

Lands Minister Ms Judith Nabakooba presented the Bill to Cabinet in October last year. Cabinet approved it's principles but tasked her to make consultations and bench marking in a few countries on how they are running their real estate services. 

Mr. Obbo said all stakeholders including the real estate developers, financers, and brokers among others will be consulted during discussions in Parliament.