BIV Seeks Government Recognition As Stakeholder In Land Administration Issues And Reform Of Regulatory Model For The Valuation Profession.
DECEMBER 23, 2022
Botswana Institute of Valuers on the 6th June 2018 made a submission to the Honourable Minister of Land Management, Water and Sanitation Services, Kefentse Mzwinila, informing him that the Institute is an advocacy body for the valuers’ profession , registered by the Registrar of Societies on 25th March 2019. It was impressed upon the Honourable Minister that BIV was established primarily to protect the public interest by ensuring that its members observe the highest standards of professional and ethical standards and to ensure the continued sustainability of the profession.
On the observation that government has extensive valuation requirements, such as valuation based taxation which rely on property market to distribute the tax burden and valuations for the purpose of compensation in the event of expropriation, BIV emphasized that it deserves government recognition as a stakeholder in land administration issues and also that the state should play a critical role in the regulation of the profession in the public interest. BIV further submitted that it will play a complementary and supporting role by contributing to land administration systems that facilitate the creation of dynamic land and property market for sustainable development.
BIV acknowledged commendable government intervention in the form of Real Estate Professionals Act,2003 following lobbying by the real estate practitioners due to the findings of the Kgabo Commission, but noted that the implementation of the subject Act has revealed a number of inadequacies most central being violation of the Constitution of the Republic. In this respect the Act provides that a real estate practitioner, to be registered by the Real Estate Advisory Council (REAC), has to be a member of a voluntary society the Real Estate Institute of Botswana (REIB), which in terms of legal counsel is a violation of the fundamental right of freedom of association. The legal advice from a reputable attorney sought by BIV was submitted for consideration by the Honourable Minister. The Honourable Minister was advised to reform the subsisting regulatory model and that the Institute is willing and eager to contribute to the reform process.
On the observation that government has extensive valuation requirements, such as valuation based taxation which rely on property market to distribute the tax burden and valuations for the purpose of compensation in the event of expropriation, BIV emphasized that it deserves government recognition as a stakeholder in land administration issues and also that the state should play a critical role in the regulation of the profession in the public interest. BIV further submitted that it will play a complementary and supporting role by contributing to land administration systems that facilitate the creation of dynamic land and property market for sustainable development.
BIV acknowledged commendable government intervention in the form of Real Estate Professionals Act,2003 following lobbying by the real estate practitioners due to the findings of the Kgabo Commission, but noted that the implementation of the subject Act has revealed a number of inadequacies most central being violation of the Constitution of the Republic. In this respect the Act provides that a real estate practitioner, to be registered by the Real Estate Advisory Council (REAC), has to be a member of a voluntary society the Real Estate Institute of Botswana (REIB), which in terms of legal counsel is a violation of the fundamental right of freedom of association. The legal advice from a reputable attorney sought by BIV was submitted for consideration by the Honourable Minister. The Honourable Minister was advised to reform the subsisting regulatory model and that the Institute is willing and eager to contribute to the reform process.