UGANDA, Kampala | Real Muloodi News | According to Lands Minister Judith Nabakooba, the government has started drafting a law aiming at regulating and standardising the operations of the real estate sector.
According to Ms Nabakooba, stakeholders are now being consulted.
“The law has been talked about for a long time. We discussed it, deliberated on it and now, we are engaging the real estate agencies and other stakeholders to see that everyone is catered for,” Ms Nabakooba said.
She added that the law will be appropriate and fulfil the needs and desires of the real estate industry to prosper and expand.
“As a key sector, you have so many individual players like brokers and investors. The industry must be regulated,” she said.
The minister added: “The industry must be able to have a system that stipulates punishment for those who go against the code of conduct. Members of the public must be in a position to know where to report in case a real estate agent fails to provide the agreed-upon services. The real estate industry needs to win the trust of the public in order for it to realise its best possible outcomes.”
According to Ms Nabakooba, Uganda still lacks more than eight million housing units and is turning to several partners, including the real estate sector, to close the gap.
She exhorted individuals working in the real estate industry to seek ways to meet the housing demands of low-wage earners.
“We must work together to ensure that we extend opportunities to all Ugandans regardless of their incomes to be able to have a place they can call home. Everyone wants to have a good house and an affordable house, everyone wants to live in a well-planned and safe environment,” she said.
She added: “We are working together with private investors like Buildnet and I am sure we will be able to solve the challenge of housing shortages.”
According to Dr Ibrahim Semaganda, Executive Director of the real estate company Buildnet, the new law must address quality concerns in the housing industry to offer value for money.
According to Mr George Tamale of Three Ways Real Estate, the new law should make sure that everyone employed by the Lands ministry has a contract.
Over 2,000 dwelling units are built each year, according to the Lands ministry.
To provide a favourable environment for development, the government has put in place several policies and legislative frameworks, including The National Land Use Policy 2009, The National Land Policy 2013, The National Housing Policy 2018, and The National Urban Policy 2016.
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