President Uhuru Kenyatta chaired Cabinet today that discussed and approved the Sectional Properties Bill 2018. The Bill simplifies the process of registering sectional properties and creates an enabling environment for investors and property owners.
The Sectional Properties Bill 2018, which vests reversionary interest on individual unit owners, also guarantees rights of property owners by conferring absolute rights to them. The proposed law will enhance revenue collection since each unit will be assessed separately for purposes of payment of ground rent and rates.
The Bill also provides for the closure of the mother title or head lease to prevent mischief by property developers. 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.
The Cabinet discussed and approved the operationalization of the Kenya Commodities Exchange (KOMEX). This will address the constraints faced by farmers and consumers by providing an organized market through a single platform which will ensure better farm gate prices for farmers.