Owners of residential flats within multi-storeyed buildings have a reason to smile after Parliament passed a crucial law last week that guarantees the ownership of their houses.
The Sectional Properties Amendment Bill, 2020, which was signed into law by President Uhuru Kenyatta on Friday, seeks to provide for the division of buildings into units to be owned by individual buyers and common property to be owned by proprietors of the units as tenants in common.
The law will have a major impact on the real estate sector as it will allow individual apartment owners to acquire title deeds for their units, and be able to use them as collateral in acquiring bank loans.
Previously, owners of the units had no title deeds as the developer retained the original title, even after selling the units, because there was no legal mechanism to sub-divide such common properties.
In other cases, home buyers are exposed to risk of fraud after rogue developers build houses on land whose original title is held by money lending institutions.
Kama haukuenda kimbo kiganjo Road you ain’t seen shit… juzi I went to oaklands ruiru which is owned by tatu city that place is stunning… it has some serious potential and the prices are still reasonable.
This law is redundant. Initially, you would owner an apartment and the title is a Lease,and you would comfortabley get a facility .now the poblem that this will face is who will own the mother title. ATLEAST the apartment owners would would through the management company
Nilikua oaklands nikaona iko sawa, abit far but iko sawa. Kuna hizo places kama Ukombozi na Imani estate looked really good also but ni kama kuna siasa mingi huko za Kanyotu ex-wives. Will check out Kimbo Kiganjo Road…what is the price that side?
She got married early sometime this year…na hata hivyo hizi vituko umekuwa ukiandika hapa unafikiri I could allow her to even come close to you…nop:D:D sigwezi