Good news for Apartment buyers as the president approved the new law on sectional property ownership.
Previously, if the mother title was not put under Caveat by the apartment owners, the developer could easily get a loan and the bank could auction the entire property putting their investments at great risk, as it has happened in recent times.
With the new law, there is a title deed for each apartment unlike previously where one was issued with a sub-lease and the mother title was jointly owned. This is a great milestone that had highly been anticipated over years.
In his seventh State of the Nation address, President Uhuru Kenyatta explained that this was part of his agenda to ensure universal access to affordable housing by Kenyans as part of the Big Four agenda.
President Uhuru’s government has made a lot of positive steps relating to land issues including digitization of property transactions, and issuance of 4500 title deeds since they took power in 2013 against 6000 that had been issued since independence up to 2013.