Parliament has received the Valuation Bill, 2024, tabled by Hon. Judith Nabakooba, Minister of Lands, Housing, and Urban Development.
Minister Nabakooba stated that the Bill seeks to establish the Institute of Certified Valuers, regulate valuation practices, enforce a professional code of ethics, and amend the Surveyors Registration Act.
“This Bill is designed to promote professionalism and integrity in the valuation profession,” she said. “It will also provide a framework for certifying valuers, ensuring they meet required standards and adhere to a code of ethics.”
Speaker of Parliament Anita Among referred the Bill to the Committee on Physical Infrastructure for scrutiny, with a report expected within 45 days.
The Committee will review the Bill, consult stakeholders, and provide recommendations for its improvement. Given its potential impact on the real estate and construction sectors, industry experts and stakeholders are closely monitoring its progress.