The Valuation Bill, 2024, has been introduced in Parliament by Hon. Judith Nabakooba, Minister of Lands, Housing, and Urban Development. The Bill aims to establish the Institute of Certified Valuers, regulate valuation practices, enforce a professional code of ethics, and amend the Surveyors Registration Act.

Minister Nabakooba emphasized the importance of the Bill during its presentation. “This legislation is designed to promote professionalism and integrity in the valuation profession,” she stated. “It will create a framework for certifying valuers, ensuring they meet required standards and adhere to ethical guidelines.”

Following the introduction, Speaker of Parliament Anita Among referred the Bill to the Committee on Physical Infrastructure for detailed scrutiny. The Committee has been tasked with reviewing the Bill within 45 days and submitting a report. During this period, they will consult stakeholders and gather input to enhance the Bill’s effectiveness.

Industry experts and stakeholders are closely monitoring the progress of the Valuation Bill. Its potential impact on the real estate and construction sectors makes it a subject of significant interest. The Bill is expected to set new standards for valuation practices, contributing to greater transparency and trust in these industries.