Charles mandates Real Estate Board to build efficiency, resilience in construction industrySunday, March 07, 2021
Minister of Housing, Urban Renewal, Environment and Climate Change (MHURECC) Pearnel Charles Jr has charged the Real Estate Board (REB) to restructure its operation to improve efficiency and the ease of doing business.
Part of the restructuring will include a complete realignment of the REB with the core objectives of the MHURECC and a change of name to the Real Estate Authority by the end of the current fiscal year.
The changes are timely, given the construction industry's position as a significant contributor to GDP, an employer, and a potential catalyser for national development.
The Real Estate Board, led by Andrew James, is the arm of MHURECC that regulates the activities of real estate practitioners and land developers.
The shake-up will give industry players support to facilitate further growth in the sector during a period where construction has become critical to Jamaica's economic survival. Despite reports from the PIOJ that the Jamaican economy declined by a sobering 10.2 per cent, the country's construction industry remains one of the pillars of hope during the pandemic, showing only a minor decline in growth of 0.8 per cent. Even more promisingly, the construction sector grew by 6.2 per cent in the October to December quarter of 2020 when compared with the same period in 2019.
Charles highlighted that the REB is one of the most critical purpose-built agencies and drives sustainable development and resilience in the construction and real estate industries. He noted, “The work of the Real Estate Board is critical to a sustainable construction sector. The REB supports the sector by supplying the tools and resources necessary for the sector to stay buoyant and relevant — even as conditions make that call to adapt ever more urgent.”
The minister further remarked, “The REB has applied laser focus to identifying the problems and crafting the solutions to drive construction and development. Already, the REB is making several sweeping changes that will lay the groundwork for a resilient and efficient real estate sector while creating a new standard for customer service delivery within the public sector. In the coming weeks, I will be initiating a series of engagements with developers and other real estate practitioners. I am here to champion the construction sector. I want to hear from the players first hand, learn about their pressure points, hear their suggestions and ideas for building back better, stronger, and more resilient.”
The REB will also facilitate an increase of players in the industry as real estate brokers and realtors by providing training for new and existing practitioners. Additionally, steps are being taken for the promulgation of a new Gated Communities Act which will add to the suite of regulatory tools available to the REB for the efficient management of the sector.
Currently, the law has accommodations for the management of stratas through the Commission of Strata Corporations. The Gated Community Act would be another vehicle for regulation, control and management. To ensure that the provisions of this new Act are understood and properly applied, the REB is taking steps to train property managers for the management of gated communities.
Now you can read the Jamaica Observer ePaper anytime, anywhere. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at https://bit.ly/epaper-login