Parliament on Monday afternoon unanimously passed the Sectional Titles Bills 2024 which allows individuals or firms to have legal ownership or part of an existing building.
The bill, once assented to by President Lazarus Chakwera, will see individuals being able to own a minimum of one room in an existing building.
Housing Minister Deus Gumba told the House that the Bill has three main objectives, namely, to provide for the ownership of real rights in, or over parts of buildings, and the registration of title to ownership.
Gumba said the Bill specifically provides for-the division of buildings into sections and common property areas, and for the acquisition of separate ownership in sections coupled with joint ownership in common property.
“The bill also proposes the control of certain incidents attaching to separate ownership in sections and joint ownership in common property. It also proposes the transfer of ownership of sections, and the registration of sectional security (or charge) over, and real rights in, sections.
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“The bill further proposes the conferring and registration of rights in, and the disposal of, common property; and the establishment of bodies corporate to control common property, and for that purpose to apply rules,” Gumba said.
According to Gumba the new legislation is expected to facilitate the growth and improvement in the real estate market.
“It is expected that more investors will be willing to invest in real property because they will be assured of a market for real estate. People will be able to buy affordable portions of buildings for housing or offices, instead of the whole building, and this will provide an opportunity for more Malawians to own real property.
“This development is also expected to have an effect of reduced floor rentals to the general public and that will further encourage business growth in our cities and enhance the economic development of the country,” he said.
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He added that the bill will also encourage the construction of high-rise buildings in our urban centres, and in the process improve the aesthetics of the towns and cities.
According to Gumba, a high-rise townscape and attractive built environment would signify the socio-economic status of the country and the well-being of the people, and is expected to attract investors and visitors.
During deliberations, DPP Spokesperson on the matter Yusuf Nthenda seconded the bill describing it as progressive.
UDF president Lilian Patel has also seconded the bill and has hailed the Ministry of Lands for the consultations conducted in the runup to tabling the bill.
Patel said the bill will allow many people to own property.
The House also unanimously passed Bill Number 19 of 2024, Property Valuation Bill.
The Bill proposes new legislation for the regulation and practice of property valuation.
Among other things, establishes the office of Commissioner for Valuation who shall be a public officer, and shall be responsible for advising the minister on all matters in relation to valuation practice and activities, including valuation rates in the purchase and disposal of government properties.
The House also passed Bill Number 17 of 2024, Real Estate Management Bill.
The Bill, if passed to buy the president, seeks to repeal the Land Economy Surveyors, Valuers, Estate Agents and Auctioneers Act (Cap. 53:08) and in its stead promulgate new legislation to provide the regulation of practice of real estate management, real estate agents, real estate developers and real estate transactions.
Among other things, the Bill establishes the office of Commissioner for Estate Management who shall be a public officer, and shall be responsible for advising the Minister on all matters relation to real estate management and activities, including the development of public land in terms of plot allocation, and plans for the provision of basic infrastructure such as access roads, electricity, water, street lighting and fibre cables.
