The real estate stakeholders in Kenya have initiated a robust campaign aimed at protecting investors from deceptive developers and preserving the credibility of the real estate sector. The stakeholders made their intentions clear during the inauguration of their offices at Spur Mall in Ruiru, stressing the significance of exclusively investing in companies registered with the Association of Real Estate Stakeholders.
Peter Gitau, the Director of Olive Land Limited, wholeheartedly committed to the cause, cautioned Kenyans against engaging with companies that are not members of the association. He sternly warned that those who opt to invest with such unaffiliated companies should be prepared to bear the consequences alone.
To reinforce their efforts, the association has established a council of elders dedicated to thoroughly vetting companies involved in land sales. This council, in collaboration with the stakeholders, aims to ensure that all affiliated members adhere to stringent standards of integrity in their real estate dealings.
Kinyua Wairatu, the Chair of the Association, expressed their willingness to embrace government regulation as long as it incorporates public participation. They seek a harmonious relationship with the government and stand ready to offer their insights on any introduced regulations.
Ejidio Kinyanjui, the Managing Director of Wilstone Homes, voiced support for taxation on the condition that the revenue generated is directed towards infrastructure development projects. He firmly believes that through taxation, the country can advance and enhance its roads and overall infrastructure.
While prioritizing their mission, the association also called upon the Institute of Surveyors to focus solely on their designated responsibilities, emphasizing that they lack the authority to make decisions regarding subdivision matters. Stephen Kigathi, the CEO of Hotstep Holdings, emphasized the need for each party to concentrate on their distinct roles.
Real estate stakeholders in Kenya are actively discouraging individuals from investing in companies that are not affiliated with the Association of Real Estate Stakeholders. Their primary goal is to eradicate fraudulent developers and safeguard the investments of hardworking individuals. They are receptive to government regulation, provided it incorporates public participation, and stress the importance of taxation for national development. Furthermore, they encourage each professional group to concentrate on their specific responsibilities to ensure the smooth functioning of the industry.