Minister of Human Settlements, Mmamoloko Kubayi, has announced that she is planning to introduce obligatory Broad-Based Black Economic Empowerment (B-BBEE) requirements for residential complexes, estates, and blocks of flats.
This is part of the government's efforts to increase the participation of black people in the economy and to address the legacy of apartheid, which saw black people excluded from ownership of property.
The proposed requirements would apply to all new residential developments, as well as existing developments that are being renovated or sold. Developers would be required to meet certain B-BBEE targets, such as ensuring that a certain percentage of the units are owned by black people or that a certain percentage of the construction contracts are awarded to black-owned businesses.
The proposed requirements have been met with mixed reactions. Some people have welcomed the move, saying that it is necessary to address the historical imbalances in the property market. Others have argued that the requirements will be too burdensome for developers and will make it more difficult to build affordable housing.
The minister has said that she is still working on the details of the proposed requirements and that she will be consulting with stakeholders before making a final decision.