President Uhuru Kenyatta on Thursday held an executive meeting with his cabinet, where the new Sectional Properties Bill 2018 was discussed and approved.
The Sectional Properties Bill 2018 is said to be set to simplify the process of
registering sectional properties and create an enabling environment for
investors and property owners.
It will enhance revenue collection, since each unit will be assessed separately for purposes of payment of ground rent and rates, and also provide for the closure of the mother title or head lease to prevent mischief by property developers.
It will also vest interest on individual unit owners, guarantees rights of property owners by conferring absolute rights to them.
The formulation of the Sectional Properties Bill 2018 is informed by the fact that the current law is not responsive to emerging market needs such as the growing demand for affordable housing, mixed use and master-planned communities as well as efficient mortgage transactions.