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Real estate regulation Bill can build sector with reviews, adjustments
The debate on whether real estate development and built sector in Kenya should be regulated is not new and the sector is also no stranger to regulation. PHOTO | SHUTTERSTOCK
In May, the Senator of Trans Nzoia County, Allan Chesang, sponsored the Real Estate Regulation Bill. The Bill draws heavily from the Indian Real Estate (Regulation and Development) Act of 2016 (RERA), which regulates India’s real estate and property market.
Kenya’s real estate market is estimated by Statista to be worth $7.91 billion (Sh1.2 trillion) is dwarfed in comparison to global giants like India’s $265.18 billion (Sh39.8 trillion) market.
