Real estate players form associations to get rid of fraudsters
Due to the rising trend of fraud in the country, partners have formed real estate associations to eliminate fraudsters in the market to increase both trust on the market and income on the partner’s side.
To tackle the issue of fraudulent land deals and protect Kenyans from being conned out of their money, players in the real estate sector have taken deliberate measures. Over 100 firms have come together to form the Real Estate Stakeholders Association with the aim of restoring integrity to the sector, which has been infiltrated by unscrupulous cartels.
The Association, led by Shamton Githere, chairman of Zani Properties Limited, will have a crucial role in regulating the sector and ensuring that all firms are accountable for their dealings with clients regarding land transactions. By doing so, the association hopes to restore confidence in the real estate industry and promote fair business practices.
Shamton Githere, chairman of Zani Properties Limited, has stated that Kenyans have lost millions of shillings to corrupt land firms in recent times, with many still awaiting justice due to a lack of proper regulation in the sector. To protect land buyers and investors from unscrupulous firms, over 100 players in the sector have come together to form the Real Estate Stakeholders Association.
During an event in Ruiru town where he issued title deeds to 200 land buyers, Githere explained that the Association aims to implement stringent measures against individuals and land-buying companies engaged in fraudulent land deals. He stated that some firms are engaging in deceitful land deals, selling “air” to unsuspecting Kenyans, and such firms must be identified and weeded out.
Githere added that the Association will not only focus on getting rid of fraudulent firms but also ensure they repay all the money they have conned poor citizens. He urged the government to reconsider the proposal requiring real estate firms to deposit KES 500 million with the government to obtain a license to operate in the country.
Players in the Kenyan real estate sector have come together to form the Real Estate Stakeholders Association, which aims to crack down on fraudulent land-buying and selling companies. The association is made up of over 100 firms and seeks to restore accountability and regulation in the industry, which has been plagued by unscrupulous cartels who have swindled Kenyans out of millions of dollars in sham land deals. The chairman of Zani Properties Limited, Shamton Githere, said that the association will work to protect land buyers and investors and will take stringent measures against individuals and land-buying company owners engaging in fraudulent land deals.
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Githere handed out title deeds to 200 land buyers who had acquired properties through the firm, and called on the government to re-examine the proposal requiring real estate firms to deposit Sh500 million with the government for them to be licensed to operate in the country. Githere believes that the amount is unfeasible for many companies and implementing the proposal will annihilate many businesses across the county. He asked the government to allow the association to develop its own guidelines that will streamline the sector and make it more transparent.
Some of the land buyers who spoke called on the government to legislate stiff policies that will protect Kenyans from exploitation by land firms. They also called for the prosecution of companies that have already swindled Kenyans out of their money through fake land deals. Investors expressed their concern about some of the companies closing down and rebranding to new entities unknown to their investors after conning them millions of dollars. They urged the government not to remain silent on the matter, as these corrupt firms continue to take advantage of Kenyans.