Ministry Working On New Laws For The Property Sector

Pavither 26 Apr 2019

The Housing and Local Government is developing four Acts that will cover commercial buildings, residential tenancies, wakaf land and a review of the Housing Development Act 1966. 

The government hopes to table the Acts in two years, reported The Sun Daily.

National Housing Department Director-General Jayaselan K. Navaratnam noted that the sale and purchase agreements for commercial buildings are not controlled, with different developments having different terms and guidelines.

“We want to standardise it so that the rights of the purchasers are guaranteed,” he said following a panel discussion on “Housing in Malaysia: Policy Discourse” organised by Khazanah Research Institute.

The ministry is also reviewing the Housing Development Act 1966 on matters relating to buyer’s rights, extension of time, compound and self-regulation with less government interference.

Download the Malaysian Tenancy Agreement Guide Here

“Foreign countries are already doing it. We give them (purchaser and developer) controlled freedom. We’re looking at this, whether it is suitable and is it timely for this country to self regulate,” he stated.

Meanwhile, the government believes that it would take two years to undertake studies and develop the proposed Residential Tenancy Act, which would cover tenants, landlords and tenancy agreements nationwide.

The Act will be patterned after the residential tenancies Acts of New South Wales and Victoria in Australia. In fact, there is already an ongoing research on the suitability of adopting these benchmarks here.

To date, there is no Act governing the residential rental market as well as a tribunal that would hear tenancy disputes.

 

Let us help you determine your eligibility and how much the banks will loan you using our ‘Home Loan Pre-Approval’, with a 99.9% accuracy! Click here.

POST COMMENT

You may also like these articles

It’s a Renters’ Market. Get Rich from Rental Properties

 A good reputation can help landlords attract tenants in a property market where there are many potential occupants, according to Superior Wealth Group CEO, Alan Poon.“One of the better ways to

Continue Reading19 Sep 2017

Rental Properties Should be Governed by the Law

  In a bid to develop a more robust residential rental market, Malaysia is looking at establishing a property rental law that would protect both the tenants and the landlords.“We don’t have one (

Continue Reading10 Oct 2017

KL City’s Rental Rate is on a High. Perhaps Moving Away Completely can be the Solution to Sustain Affordable Living?

 Why is rental a burning issue now?It’s the same old argument that we have been having for the past years. The sighing and complaints of prices of properties, which are off the roof. This has b

Continue Reading28 Dec 2017

Home Builders Turn to Rental Management Firms Amidst Supply Glut

 Amidst the high number of unsold completed houses, especially high-end units, property developers are seeking the help of companies that manage Airbnb rentals to generate income from these homes

Continue Reading8 Feb 2019