Plans for real estate regulatory authority under way

TANGAZO

Deputy Minister for Lands, Housing and Human Settlement, Angella Kairuki

The government plans to establish a real estate regulatory authority that, among other things, will monitor and control prices of houses, especially those being sold to the public by government agencies.

 

This was said in the National Assembly yesterday by the Deputy Minister for Lands, Housing and Human Settlement, Angella Kairuki.

 

She was responding to a supplementary question by the Mji Mkongwe MP, Muhammad Ibrahim Sanya (CUF) who wanted to know what the government was doing to ensure middle and low income earners purchase government houses.

Kairuki said the authority will also supervise and ensure a level playing ground in the fast growing sector.

 

She said: “A consultant for the establishment of the real estate authority has been identified and once the authority is in place several challenges in the sector will be solved.” 

 

She said the government was studying how the regulator would operate and prepare the necessary legislation although she did not say when the regulator is expected to start operations.

“We have the funds and already draft laws to develop the agency are in place,” she added. 

 

The regulator is expected to deal with issues related to rentals, quality or standard of housing, contracts as well as real estate agents, Kairuki said.

Sanya had argued that government houses constructed by the National Housing Corporation (NHC) were being sold to the public at exorbitant prices that most low income earners cannot afford.

 

He also wanted to know how much the government was charging for two-bedroom and three-bedroom houses.

 

“The reality is that most Tanzanians are unable to purchase the houses; don’t you think it is high time that the government offered subsidies to allow many people but the houses?” he asked.

 

However, the deputy minister responded that the NHC was getting loans from various financial institutions to build the affordable houses for the public.

 

She stressed that sale of the houses, mostly flats, depended on the cost of construction, value of land at specific sites, size of the houses, cost of infrastructure and cost of loans, if the corporation built them through loans.

 

The deputy minister noted that currently two bedroom apartments in a storey building cost between 80.2m/- and 96.9m/- while three-bedroom apartments cost between Sh186.8 million and 321m/-, including tax.

SOURCE: THE GUARDIAN

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