August 3, 2023
The Ministry of Lands today signed a memorandum of undertaking with the Law Society of Kenya, the Institution of Surveyors of Kenya and the Kenya Bankers Association unlocking a bottleneck in the processing of sectional title deeds which had caused the blockage of hundreds billions of shillings in banks.
The agreement now creates an avenue to register sectional properties on conditional basis thereby opening up financial transactions and allowing owners of flats to get individual titles for their property.
LSK President Eric Theuri and Kenya Bankers Association representative Raimond Molenje praised CS Zachariah Njeru and PS Generali Nixon Korir for their dedication and honesty that has seen stakeholders cooperating to resolve challenges.
“We are delighted that the three months consultations we’ve had has born fruits and we are happy for the significant progress made and the challenges solved so far,” said Mr Theuri.
Mr Molenje said the pending transactions related to sectional properties and the the Sh55 billion pending in banks will soon be cleared following the signing of the MOU today.
” I appreciate the Ministry for being transparent. Since the new Government came into office we have seen tremendous changes in bank transactions.
When President William Ruto’s Government came into power a total of close to Sh200 billion of financial transactions were held up in Banks because of issues to do with sectional properties and challenges that faced Ardhisasa users.