Determined to have an industry with high standards and a common voice, real estate developers are planning to establish an umbrella organization that would not only represent their interests but also of potential home buyers.
The NHC Director General, Mr Nehemiah MchechuThe real estate industry is among fast growing sectors of the economy with huge contribution to the gross domestic product (GDP) but players in the industry have lacked a common voice.
At a stakeholders’ dinner held in Dar es Salaam on Friday evening, the developers formed an interim committee that would steer a process to establish the association.
The dinner was attended by both public and private sector in the lucrative industry. “The envisaged association is expected to engage, discuss and advise the government on a number of issues regarding the industry through a united voice,” according to National Housing Corporation (NHC)’s Director General Nehemiah Mchechu.
The NHC boss was elected the Chair of the interim committee which is expected to present a report to stakeholders on the progress of establishing the organization by mid- January, next year.
In his brief presentation, Mr Mchechu hinted that there is a political will from the government as far as development of the real estate industry is concerned.
“There are a number of legislations which have of late been endorsed by the government to support the real estate industry and this is a manifestation of the government’s political will,” Mr Mchechu noted.
Through the association, the developers hope that they would be able to among other things negotiate and bargain with financial institutions on accessing finances to undertake their projects.
“It will also enhance confidence in the industry globally and locally as it will set standards to be adhered to by members and this will reduce any chances of cheating by some unscrupulous developers,” he said.
He noted further that; “The real estate industry in Tanzania unlike other developed countries is far from being saturated and there are still a lot of opportunities.
We should not consider ourselves as competitors but partners”. Mohammed Shariff, Chairman of Dubai-based Phils International, said the move to establish the association was overdue but highly welcomed. “Having an association which will enable us to speak with one voice is very important.
Governments alone cannot develop the sector and that is why the PPP (public-private partnership) has now become a global concept,” Mr Shariff said.
Those present at the dinner were also of a view that the association would play a crucial role in developing the industry and eventually boost the economy, create jobs and decent houses for the majority of Tanzanians.
The developers were also of a view that through a united voice they would be able to discuss with the government on incentives to support growth of the sector and make contributions in formulation of policies and legislations governing it.
By ALVAR MWAKYUSA, Tanzania Daily News
