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TRANSFORMATION FOR PROPERTY SECTOR CODE GAZETTED


The Property Sector Charter Council announced the recent gazetting of the Property Sector Charter as a Sector Code on Black Economic Empowerment in terms of Section 9(1) of the Broad Based Black Economic Empowerment Act (Act 53 of 2003) .  The purpose of the Codes of Good Practice is therefore to provide both government and industry with a standard framework for the recognition and measurement of broad-based BEE.

Section 9 of the Broad-Based Black Economic Empowerment Act No. 53 of 2003 (BEE Act) legally provides for the issuing of Codes of Good Practice on broad-based black economic empowerment. Besides the dti's Strategy for Broad-Based Black Economic Empowerment and the Black Economic Empowerment Act, drivers of transformation charter processes to date, have lacked a standard Black Economic Empowerment framework from which to develop charters. Consequently, there exists substantial incomparability amongst charters, with respect to content as well as criteria for measurement. This results in entities in certain sectors with stricter measurement criteria being unfavourably disadvantaged when competing for business with entities in sectors with more lenient measurement criteria.

The draft Property Sector Charter was issued for public comment in terms of Section 9(5) of the Broad-Based Black Economic Empowerment Act on the 15th  October 2010 for the public and interested parties and had 60 days in which they were invited to comment on the draft Sector Charter. The various comments were all given due consideration and the final version of the Sector Code was then compiled, culminating in its gazetting this month. 

The Property Sector Code applies to all businesses and organisations involved in commercial (office, industrial, retail and leisure property as well as land zoned for commercial development) and residential property. Residential property includes houses, community schemes and land zoned for residential development. Including other Property services in the Property Sector like Property ownership, Property Letting, Property Management, Property Sales and Valuation.

It is expected that the Property Charter will unlock obstacles to property ownership and the effective participation of all South Africans in the property market.
The requirements that organisations are expected to meet in terms of the Code are effective immediately. Instead of applying the Department of Trade and Industry’s general Codes of Good Practice, sector participants must, as from date of gazetting, comply with the Property Sector Code in terms of Section 9(1) of the BBBEE Act. However, for organisations which had a BEE certificate issued before the gazetting of the Sector Code, that certificate will be valid for a period of twelve (12) months from its date of issue. 

"It is because of the recognition of the importance of transformation as a critical imperative for all South African economic sectors that the Property Sector Charter Council commits to strive for transformed property relations in South Africa and to promote a vibrant growing property sector," said Portia Tau-Sekati, chief executive officer of the Property Sector Charter Council.

For further information regarding the Goverment Gazette Property Code you can go to:  http://bit.ly/LzeuOP or http://bit.ly/MWmKLL

Enquiries regarding the above can be directed to:

Jacob Maphutha
Tel.: +27 12 394 3430
Fax: +27 12 394 4430
E-mail: jmaphutha@thedti.gov.za 

or

Xolisile Zondo 
Tel.: +27 12 394 1609
Fax: +27 12 394 2609
E-mail: xzondo@thedti.gov.za 



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