Real estate stakeholders in Kenya have launched a campaign to protect investors from fraudulent developers and ensure the integrity of the real estate industry. During the unveiling of their offices at Spur Mall in Ruiru, the stakeholders emphasized the importance of investing only in companies registered with the Association of Real Estate Stakeholders.
Peter Gitau, the Director of Olive Land Limited, expressed their unwavering commitment to the cause, urging Kenyans to avoid non-member companies. He warned that those who choose to invest with unaffiliated companies should be prepared to handle any repercussions themselves.
To strengthen their efforts, the association has established a council of elders dedicated to meticulously vetting land-selling companies. These elders, working in collaboration with the stakeholders, aim to ensure that all affiliated members uphold high standards of integrity in their real estate operations.
Kinyua Wairatu, the Chair of the Association, stated that they are open to government regulation as long as it involves public participation. They seek a cooperative relationship with the government and are prepared to provide their input on any regulations introduced.
Ejidio Kinyanjui, the Managing Director of Wilstone Homes, expressed support for taxation, provided that the revenue generated is invested in infrastructure and development projects. He believes that through taxes, the country can progress and improve its roads and overall infrastructure.
While focusing on their mission, the association also called upon the Institute of Surveyors to concentrate on their designated responsibilities, emphasizing that they do not possess the authority to make decisions regarding subdivision matters. Stephen Kigathi, the CEO of Hotstep Holdings, stressed the need for each party to concentrate on their respective roles.
Real estate stakeholders in Kenya are actively discouraging individuals from investing in companies not affiliated with the Association of Real Estate Stakeholders.
Their objective is to eliminate fraudulent developers and safeguard investors’ hard-earned money. They are open to government regulation, provided it includes public participation, and they emphasize the importance of taxation for national development. Furthermore, they encourage each professional group to focus on their specific responsibilities to ensure a smooth functioning of the industry.