Real Estate agents, on Saturday, April 15, rejected the Ksh500 million fee demand in a proposed bill tabled in Parliament in March 2023.
According to the agents, the lawmakers failed to involve them in drafting the bill and thus couldn't be subjected to any of its dictates.
Furthermore, the agents demanded to be allowed to form an organisation similar to the Law Society of Kenya (LSK).
"Do not destroy entrepreneurship by introducing fees that many can not afford," Peter Gitau from Olive Limited pleaded.
"I do not think the president and his deputy are aware of such a bill that goes against the bottom-up agenda they advocate for," he added.
On the other hand, Nyota Njema Real Estate CEO Perminus Kariuki argued that they had not received the proposed bill for discussion.
He added that they worked as real estate stakeholders to self-regulate and ensure clients were not dubbed.
The bill was proposed by Kirinyaga Central MP Joseph Gitari, which is expected to protect land buyers from rogue sellers.
"We are trying to protect hustlers who are tempted with parcels going for Ksh30,000 and you are given two-three years to pay. But when you go to collect the documents, the offices are closed," the MP explained.
"The bill will contain provisions that require land-buying companies to register with a regulator such a company will deposit Ksh500 million as a license fee," he added.
Furthermore, Gitari suggested that the companies should be subject to a Ksh5 million penalty for non-compliance.
It was proposed at a time when Kenyans took to the street to lament over land-buying companies that were accused of conning prospective clients.
The victims called upon the government to intervene and help them recover their hard-earned money.
