The government is gearing up to implement a comprehensive regulation system for all land brokers across the country as part of efforts to enhance transparency and curb land grabbing. This initiative is outlined in the Real Estate Bill, 2024, a legislative proposal drafted by the Ministry of Lands, Housing, and Urban Development. Currently awaiting Cabinet approval, the bill will subsequently be presented to the floor of Parliament for deliberation.
According to Mr. Dennis Obbo, the spokesperson for the Ministry of Lands, Housing, and Urban Development, the Real Estate Bill aims to address critical issues within the sector, particularly concerning fraudulent activities perpetrated by land and property brokers. Mr. Obbo emphasized the detrimental effects of unregulated brokers, citing their involvement in land grabbing incidents that have plagued communities across the nation.
The proposed legislation entails the compulsory registration and licensing of all land and property brokers operating within the country. This measure aims to facilitate government oversight by providing a comprehensive database of brokers and their operational details. By ensuring the visibility of brokers and their activities, the government seeks to mitigate fraudulent practices and promote accountability within the real estate sector.
Mr. Obbo’s remarks come in response to appeals from various stakeholders within the real estate industry, including developers, who have called for regulatory measures to address the proliferation of unscrupulous brokers. Notably, Mr. Brian Kayongo, CEO of Concept Real Estate, stressed the importance of broker regulation in managing land conflicts effectively. He proposed the issuance of licenses to all brokers, mandating their inclusion on title deeds to enhance traceability and accountability.
The Real Estate Bill, spearheaded by Lands Minister Ms. Judith Nabakooba, underwent initial scrutiny by the Cabinet in October of the preceding year. While the Cabinet approved the bill’s overarching principles, it requested further consultations and benchmarking exercises to refine its provisions. Eng. Kenneth Kaijuka, CEO of the National Housing and Construction Company, expressed optimism regarding the bill’s potential to address longstanding challenges within the real estate sector, particularly in the private domain.