KAMPALA – Real Estate developers have questioned the move by Lands Minister Judith Nabakooba to present a new bill to cabinet dubbed ‘The Real Estate Bill’ to help regulate operations of the different housing companies in Uganda.
Ms Nabakooba while presiding over the 2nd National Housing Symposium which also marked the World Habitat Day celebrations at Mestil Hotel in Kampala on October 5, noted that the bill is a few steps away to being approved by the parliament.
“I presented it to the cabinet some time back and they approved its principles but tasked us to expound on our consultations and benchmarking in a few countries on how they are running their real estate services,” she noted.
But developers have questioned the reasoning behind the new law, saying it wasn’t necessary.
“We have the Land Act, the Registration of Titles Act, the Stamp Duty Act, the Condominium Act, the Mortgage Act, the Suveyors law etc.
What is this law for? What is it meant to achieve?,” a real estate practitioner who asked not be named asked.
The new bill, according to the minister, entails regulation of the real estate industry and guides on what is supposed to be in its administration.
She said this will work for both the private and the public companies.
Due to the absence of policies that regulate the real estate business, the minister said many people have started up their companies that are posing a great challenge on the ground and once the law is in place, it will regularize and also make sure that it guides on the practices of the real estate industry.
Nabakooba also noted that the lands ministry is in negotiations with the ministry for Finance, Uganda Revenue Authority, and the Kampala Capital City Authority to make sure that property rates are revised for housing to become favourable and people to be in position to pay for their rates.
