Beyond housing, what other developments will the new act regulate?

Question

Accepted Answer

The proposed Real Property Development Act will regulate certain commercial property developments.

The upcoming Real Property Development Act is in its final drafting stages and is intended to broaden regulatory oversight within Malaysia's property sector. This new legislation will extend beyond existing housing regulations to encompass specific types of commercial property developments. The objective is to establish a framework that balances the interests of both industry stakeholders and consumers.
Extension of Regulatory Scope

The draft Real Property Development Act is designed to move beyond its current focus solely on housing. It is set to incorporate regulations for certain commercial property developments, aiming for a more comprehensive approach to property sector governance. This expansion signifies a shift towards a more inclusive regulatory environment.
Part of Broader Housing Reforms

This proposed Act is one of five significant housing reforms being introduced by the Ministry of Housing and Local Government. These reforms collectively aim to enhance governance and transparency across the property market. Other initiatives include the implementation of an electronic sale and purchase agreement (eSPA), the Housing Integrated Management System (HIMS), the National Property Data System, and regulated housing development accounts.
Goals for the Property Sector

The overarching aim of these reforms, including the new Act, is to ensure that Malaysia eliminates sick or abandoned housing projects by the year 2030. Efforts are also underway to boost home ownership rates, which currently stand at 77 per cent, with a target to exceed 80 per cent. The ministry is actively supporting first-time homebuyers through schemes like the Housing Credit Guarantee Scheme (SJKP), which has already assisted over 95,000 individuals with RM22 billion of its allocated funds utilised.

Reading history

Hide →

This history is cleared when the page is closed.

Beyond housing, what other developments will the new act regulate?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends