UGANDA, Kampala | Real Muloodi News | The government is gearing up to introduce a comprehensive regulatory framework aimed at registering and licensing land brokers nationwide as part of efforts to streamline the real estate sector and combat land grabbing.
This initiative is encapsulated in the Real Estate Bill, 2024, which has been drafted by the Ministry of Lands, Housing, and Urban Development.
The bill is currently awaiting Cabinet approval before it can be presented to Parliament for further deliberation.
According to Mr Dennis Obbo, spokesperson for the Ministry of Lands, the Real Estate Bill seeks to address critical challenges within the sector, particularly concerning fraudulent activities perpetrated by land and property brokers.
“Government recognises the problems caused by land brokers, which have contributed to persistent land grabbing. Therefore, the regulation of land brokers is a key aspect of the Bill,” stated Mr Obbo.
Under the proposed legislation, all land and property brokers operating in the country will be required to register with the relevant authorities and obtain operating licenses. This measure aims to enhance transparency and accountability within the real estate market by enabling the government to track the activities of brokers and their operational locations.
Mr Obbo’s remarks come in response to calls from various real estate developers urging the government to crack down on unscrupulous land brokers, who often facilitate illicit land transactions.
During the C-Suite Executive Breakfast with Vusi Thembekwayo held on Friday, 23rd February 2024, in Kampala , Mr. Brian Kayongo, CEO of Concept Real Estate, emphasised the importance of regulating brokers by registering and licensing them to manage land conflicts effectively.
“All brokers, including those representing sellers and buyers, should be mandated to obtain licenses. These licenses should be recorded on the title deeds of the purchased land. This way, in case of any land transaction disputes, brokers can be easily traced and held accountable,” remarked Mr Kayongo.
Regarding the Real Estate Bill, Lands Minister Ms Judith Nabakooba presented the draft legislation to the Cabinet in October last year.
While the Cabinet approved the principles of the Bill, it tasked the minister with conducting further consultations and benchmarking exercises in select countries to glean insights into effective real estate regulatory frameworks.
Eng. Kenneth Kaijuka, CEO of the National Housing and Construction Company, expressed optimism about the potential of the Real Estate Bill to address numerous challenges confronting the real estate sector, particularly within the private segment.
Mr. Obbo affirmed that extensive consultations with stakeholders, including real estate developers, financiers, and brokers, will be conducted during the parliamentary deliberations on the Bill. This collaborative approach seeks to ensure that the proposed legislation aligns with the needs and aspirations of all key players in the real estate industry.
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