A NEW bill is set to be tabled in this parliamentary session that will help to regulate the real estate industry, reduce tax evasion and control unscrupulous middlemen.

Jerry Silaa, the Lands, Housing and Human Settlements Development minister, laid out this intention in Dar es Salaam over the weekend, at the launch of an affordable housing project in Morocco area in the city.

The project is being executed by RE/MAX Coastal and Coral Property Holdings, where an online entry says that RE/MAX, short for Real Estate Maximums, is an international real estate company that operates through a franchise system.

The law changes will enable the government to regulate the sector, avoid loss of money from unscrupulous agents, and further help the government increase revenue collections. Agents and developers will enjoy more trust to facilitate further investment, he declared.

The ministerial real estate director has been directed to finalise the draft so that it can be read for the first time during the Budget session, he said, underlining that the role of the ministry is develop the sector to contribute to the economy, enabling people to access affordable housing at  low prices.

He praised the two institutions companies for the initiative, saying it shows a commitment to providing high-quality, accessible housing solutions. “By aligning their goals with the national housing agenda, the firms are set to transform the real estate sector and enrich the lives of many Tanzanians,” he stated.

He also approved the mortgage financing adopted by the firms, explaining that the development “complements government efforts to ensure affordable and quality housing for most people.”

James Prevost, the RE/MAX Coastal regional director, said that the launch discount is an invitation to experience luxury at an unprecedented value, explaining the joint venture as a sales and marketing partnership with Coral Property Holdings.

The Sky Royal development allows the firm to bring a refined, yet accessible living experience to Dar es Salaam,” he said, affirming that the project is designed “not just as a place to live but as an investment in a lifestyle of convenience, luxury, and sustainability.”

“The development’s strategic location and comprehensive amenities provide an ideal setting for young professionals, families, and business operators,” he said. 

Li Jun, CEO of Coral Property Holdings said the firm aims to provide not just homes, but “sustainable and efficient living solutions that contribute to the well-being of Tanzanian families.”

Coral Property Holdings is committed to eco-friendly and sustainable building practices, with the Sky Royal project “integrating green technologies and smart home features to ensure an environmentally friendly and efficient living environment.”