Housing deficit

Parliament reviews Real Estate Authority Bill


Members of Parliament have taken the Real Estate Authority Bill, 2014 through its second reading granting it a safe passage into the consideration stage for the discussion of proposed amendments.

Real Estate Authority Bill is to regulate commercial transactions in the real estate sector, including the sale, purchase, rentals and leasing of real estate and related fixed assets as well as real estate agents and practitioners.

It will also establish a real estate authority

The Minister for Water Resources, Works and Housing, Kwaku Agyemang Mensah, moved the motion on the floor for the second reading of the bill

He called for the need for legislation to regulate activities in the real estate sector.

“Apart from the need to regulate the real estate agency services to streamline the activities of the sector, there is the greater national concern of money laundering and tax evasion and their effect on the national economy and the international image of the country,” he said.

Secondng the motion was the Chairman of the Committee on Water Resources Works and Housing, David Tetteh Assumeng.

According to the chairman when the bill is passed, it would not only ensure improvement in the real estate sector but also provide jobs in other sectors and services

“It is expected that growth in the real estate agency business will encourage expansion in the entire real estate value chain, with increased employment opportunities in the sector and a host of other professions, that is, mortgage, legal service providers and home décor companies, among others,” he said.