Durban - The country has moved closer to transforming the property sector and ensuring the participation of people who have been marginalised, says human settlements portfolio committee chairperson Nocawe Mafu.
She was speaking after the Property Practitioners Bill was passed by the National Assembly last week.
Mafu said after extensive engagement with key stakeholders, the committee was satisfied that the bill would assist in dealing with various challenges within the sector.
“The property sector, like all sectors of South African society, was due for a transformative push,” said Mafu.
The bill will replace the Estate Agency Affairs Act. One of the biggest changes is the establishment of a Property Practitioners’ Ombudsmans Office. It will provide alternative dispute-resolution mechanisms for consumers and property practitioners.
The bill also defines and sets expectations of property practitioners.
The portfolio committee said the engagements with stakeholders centred on the need to remove impediments for the entry and sustainability of the historically disadvantaged property businesses.
“The majority view remains that the bill is long overdue and must be processed with speed to deal with challenges in the archaic Estate Agency Affairs Act of 1976. The dominant voice remains that the property sector needs to transform and systems must be put in place to open the sector for new entrants,” said the committee.
The bill will go before the National Council of Provinces to be passed before it can be sent to the president to be signed into law.