Passing of Property Practitioners Bill Advances Transformation of Property Sector

Parliament� The passing of the Property Practitioners Bill by the National Assembly is a step in the right direction in transforming the property sector and ensure that it is reflective of the demographics of this country and opens up doors for participation by people who have been marginalised before.

Following an extensive engagement with key stakeholders within the sector, the committee is satisfied that the Bill in the current form is fit for purpose and will assist in dealing with various challenges within the sector.

The committee considers it concerning that in this day and age and for a sector that contributes in access of 15% into the country's Gross Domestic Product is not adequately transformed.

The property sector, like all sectors of South African society, was due for a transformative push, said Ms Nocawe Mafu, the Chairperson of the committee.

At the centre of engagements with stakeholders was the need to remove impediments for the entry and sustainability of the of previously disadvantaged property businesses. South Africa has a long history of constructive engagements aimed at finding workable solutions and the committee is convinced that general engagements that it held were constructive and while sometimes uncomfortable questions were asked it was in the context of coming up with a legislation that will assist the country in transforming the industry, Ms Mafu emphasised.

The majority view remains that the Bill is long overdue and must be processed with speed to deal with challenges in the archaic Property Practitioners Bill Estate Agency Affairs Act of 1976. Furthermore, the dominant voice remains that the property sector in the country needs to transform and systems must be put in place to open the sector up for new entrants. '

Some of the key issues raised during public engagement included the call for the Bill to include the regularisation of the entire sector to curtail the booming private sale element that according to stakeholders has the potential of undermining the intentions of the current Bill.

Town planners have also made calls to be included as part of the composition of people to be considered for appointment on the board of Authority.

Furthermore, the committee has acknowledged concerns that the Bill currently is more focused on regulating the industry and less on support especially to new entrants into the sector.

These invaluable contributions made by stakeholders were incorporated into the final version of the Bill in efforts to ensure effective transformation of this important sector.

Source: Parliament of the Republic of South Africa

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