Key changes in land business that investors ought to know
People in real estate will bear me witness that land transactions have changed due to a number of regulatory and operational shifts that have taken place lately.

Prior to the recent changes this year, land laws as at 2012 were repealed and replaced by central statutes that govern land management.

These statutes guide transactions. A directive had been issued on how title documentation, including transfers, leases and charges were to be drawn up by advocates, taking into account the transition period.

In Kenya only advocates can draw up land documentation. Under the Contracts Act, land sale must be in writing.

The 2012 laws introduced new provisions in the drawing up of land documentation.

One example is that before matrimonial property can be used as security, spousal consent was necessary. This has changed the way banks and other lenders draw up their securities.

http://www.businessdailyafrica.com/Key-changes-in-land-business-/-/539444/2639442/-/item/1/-/b55wp6z/-/index.html

 

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Tena market traders demand Sh700m from roads body

In Summary

  • The traders have each rejected a Sh50,000 “disturbance allowance” from Kenya Urban Roads Authority (Kura).
  • The traders say they constructed permanent stalls, which cost each trader Sh1.5 million, and two power rooms.

 

 

A group of 374 traders at Nairobi’s Tena community market has moved to court seeking Sh700 million in compensation over impending eviction from public land.

KURA has earmarked their stalls, near Tena estate in Embakasi, for demolition to pave way for the Sh14 billion expansion of the Outer Ring Road. The roads body is seeking to compulsorily acquire a seven-metre wide swathe of land from all landowners along the road.

The traders at the community market argue that their investment in the structures must be factored into compensation plans.

“On July 17, 2007, the City Council of Nairobi, through its Social Services and Housing committee, approved the allocation of 320 stalls and a power room to the petitioners,” the petition lodged at the court reads. “The council further approved construction of additional stalls on the remaining space.”

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Nairobi's most expensive land parcels

WHAT has triggered the land rush and epidemic of land grabs around Nairobi?

The simple answer: money, and lots of it.

A new property survey released yesterday in Nairobi gives prices per acre of key areas. It makes it clear why demand for prime land by private developers, institutional investors and others less savoury has pushed prices to astronomical levels, far beyond the reach of individual buyers.

The first Hass Nairobi Land Price Index shows the city's prime spots have appreciated by 537 per cent over seven years.

HassConsult Real Estate is a city real estate sales and analysis firm.

http://allafrica.com/stories/201501300159.html

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Brokers obligated to collect capital gains tax, KRA says

By GEORGE NGIGI, This e-mail address is being protected from spambots. You need JavaScript enabled to view it Posted  Tuesday, January 6   2015 at  03:24

IN SUMMARY

· Stockbrokers had sought to shelter themselves from the responsibility of collecting the tax, which is being re-introduced after a lengthy suspension.

· The taxman said systems used by the brokers to collect stamp duty can also be used to collect the capital gains levy.

The Kenya Revenue Authority (KRA) has maintained that stockbrokers are obligated to collect capital gains tax on sale of shares, citing a section of the law that designates them as agents for the taxman.

Stockbrokers had claimed they need to be appointed collecting agents through a gazette notice to start deducting the levy, which became effective on January 1. KRA, however, says the capital gains tax laws that were suspended nearly three decades ago already designated stockbrokers as collecting agents for stock transactions, maintaining that no new gazettment is required.

“A stockbroker who conducts the transfer of investment shares on behalf of a transferor shall collect and remit tax to the commissioner in accordance with section 35(5),” reads paragraph 18 of the eighth schedule.

http://www.businessdailyafrica.com/Brokers-obligated-to-collect-capital-gains-tax--KRA-says/-/539552/2579620/-/vmvv4jz/-/index.html

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