Government must regulate real estate industry to protect ordinary Kenyans

Rogue real estate developers are threatening the dream of Kenyans to own a home. It is unfortunate that the government has been a spectator as semi-illiterate, sweet talking callous real estate developer collects funds from unsuspecting Kenyans, with promises of building them homes, only for the monies to end up lining individual pockets.

The government must now put its foot down to bring sanity to the real estate development industry by crafting and enforcing a water tight legal and regulatory framework that protects prospective house owners, ensures adherence to building standards and observes timelines indicated in the prospectors. The government should also audit such projects to prevent further agony. Stakeholders should ensure all developers demonstrate financial muscle to develop at least 25 per cent of the proposed project before obtaining approval. The track record of the developers must be evaluated to weed out fraudsters!