The Institution of Surveyors of Kenya has weighed in on the proposed Real Estate Regulations Bill 2023 which is designed to rein in rogue real estate developers in the country.
Speaking today, Eric Nyadimo, President, Institution of Surveyors of Kenya said while they appreciate the need to regulate real estate developers in order to restore sanity in the property market, the regulation of professionals and business should be purely conducted separately given the dynamics involved.
“Professional boards all over the world are managed by professionals in the specific field. The proposal by the Hill to have a non-professional board regulate professionals is shocking,” he noted.
Nyadimo added that ISK will not allow its members to be regulated together with developers who are business people involved in the subdivision of land leading to mass sale of land to the general public.
“The media has been lately awash with reports of the public being defrauded by land buying companies which are mostly run by business people with little or no training in real estate. Their main drive is profit and some disregard ethical business practices, ” he reiterated.
The Institution has recommended for a “Real Estate Developers Bill” to be formulated with focus on regulating developers who deal with constructing real estate units, buying and subdividing plots for
In addition, they called on the Ministry of Lands ro empower the existing Estates Agents Registration Board by allocating it more funds in order to deter unregistered estate agents.
Furthermore, ISK has called for use of existing laws to handle fraudulent cases even as the new Act is being formulated.
“We advice members of the public to ensure that they remain keen and only deal with Registered Estate Agents,” they averred.
The President reiterated that the registration and regilation of land trading companies to protect public interest and wanton subdivision of agricultural lands with no viability for residential use is long overdue.
Registered Real Estate Agents are professionals who are registered and regulated by the Estates Agents Registration Board established under the Estates Agents Act Cap 533 of the laws of Kenya.