Ministry Working On New Laws For The Property Sector

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, reported The Sun Daily.

The government hopes to table the Acts in two years.

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.

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“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.

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