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Land value index laws to eliminate cartels – Prof Kaimenyi

Written by MyGov

Lands and Physical Planning CS Prof Jacob Kaimenyi has assured real estate developers that they will soon be able to access affordable land.

Prof Kaimenyi accused land brokers of deliberately making the cost of land unnecessarily expensive. The lands CS spoke on Friday when he officially opened a three-day Upmarket Homes Expo 2017 at The Hub Karen, Nairobi.\

Prof Kaimenyi said the enactment of Land Value Index Laws (Amendment) Bill which is before the Senate will eliminate the land cartels by setting standard rates of land based on location.

The Bill seeks to amend various land laws by among other things, zoning land and setting standard rates for private land transaction, and government compulsory acquisition of land for infrastructural development and resettlement of internally displaced persons (IDPs).

The Cabinet Secretary said land brokers have slowed down infrastructural development in urban areas after acquiring huge tracts of prime land for speculative purposes.

Prof Kaimenyi said the unscrupulous individuals sell their parcels of land to the highest bidder, making the cost of housing to be out of reach to many Kenyans. He called on real estate developers to make use of modern technology and locally available materials to construct affordable housing units saying majority of Kenyans cannot afford mortgage to acquire high cost units.

Prof Kaimenyi observed that the national annual supply of housing units stands at an average of 200,000 against a demand of about 250,000.

He noted that the government will create a conducive environment to ease the deficit of 50,000 units citing the establishment of a one-stop-center for land registration and issuance of licenses.

He called on property developers to install solar voltaic panels in housing units to complement government efforts of embracing green energy and providing power to all Kenyans.

The inaugural expo whose theme is ‘Leveraging Kenya as a High End Property Market’ attracted 30 exhibitors who include real estate developers, financial institutions (banks), and energy companies.

Upmarket Homes Expo Managing Director Lucia Ochieno said the Expo targets between 10,000 and 15,000 potential home buyers who will be free to sign deals with the exhibitors.

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