Transformation of the Property Sector
The Property Practitioners Act (No 22 of 2019) (PPA) seeks to ensure the transformation of the property industry by facilitating the inclusion of previously disadvantaged South Africans within the property sector.
The Act also provides that once it commences, the Property Sector Transformation Charter will apply to all Property Practitioners.
The Act was signed into law by President Cyril Ramaphosa in 2019 and came into effect on the 1st of February 2022.
Section 20 of the PPA states that when procuring property-related goods and services, all organs of state must utilise the services of property practitioners who comply with the Broad-Based Black Economic Empowerment and Employment Equity legislation and policies.
Furthermore, the Property Sector Transformation Fund (PSTF) has been established to offer grants to further transformation within the property industry.
Are you a property company committed to transformation? Unsure of how the Property Sector Transformation Charter and the Property Practitioners Act will affect you or your company?
Please contact us on 011 483 1190 and let us help you become compliant, navigate PPA / PSTC, and implement cost-effective, B-BBEE solutions and strategies that make business sense!