Players in the Real Estate sector have adopted deliberate measures to end cases of Kenyans being conned money by fraudulent land-buying and selling companies.
Over 100 firms have formed Real Estate Stakeholders Association to restore sanity in the sector that has been infiltrated by unscrupulous cartels who have been swindling Kenyans' money in sham land deals.
According to Zani Properties Limited chairman Shamton Githere, the association will play a pivotal role in regulating the sector and ensuring that all firms are accountable for all land deals with their clients.
“We have in the recent past witnessed Kenyans lose millions of money to corrupt land firms. Most of them are yet to get justice because there hasn’t been proper regulation of the sector,” Githere said.
"This why we decided as players in the sector to form a body that will protect land buyers and investors from unscrupulous firms."
The chairman spoke in Ruiru town on Saturday while issuing title deeds to 200 land buyers who had acquired properties through the firm.
Githere said stringent measures will be taken against individuals and land-buying company owners engaging in fraudulent land deals.
“Some firms are out to taint real estate business in the country by engaging in deceitful land deals. Most of them have been selling ‘air’ to Kenyans," he said.
"These are the firms we want to weed out and we won’t just stop at that, we will ensure that they repay every dime they have conned poor citizens."
The chairman called on the government to relook into the proposal whereby real estate firms will be required to deposit Sh500 million with the government for them to be licensed to operate in the country.
He said that the amount is unfeasible to many companies saying that implementing the proposal will annihilate many businesses across the county.
“It’s only very few companies that can afford such an amount of money. We are pleading with the government to allow us to come up with our regulation guidelines that will streamline the sector," he said.
Some of the land buyers who spoke called on the government to legislate stiff policies that will protect Kenyans from exploitation by land firms.
They also called for the prosecution of companies that have already swindled Kenyans their money through fake land deals.
“Some of the companies have closed down and rebranded to new entities unknown to their investors after conning them millions of money," an investor Samuel Maina said.
"They are well known and the government should not remain mum on the matter as these corrupt firms continue to agonize Kenyans.”
