{"id":44422,"date":"2017-02-17T11:20:32","date_gmt":"2017-02-17T04:20:32","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/absolutely-essential-for-malaysia-government-to-review-the-housing-development-act\/"},"modified":"2017-02-17T11:22:16","modified_gmt":"2017-02-17T04:22:16","slug":"absolutely-essential-for-malaysia-government-to-review-the-housing-development-act","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/absolutely-essential-for-malaysia-government-to-review-the-housing-development-act\/","title":{"rendered":"\u2018Absolutely essential\u2019 for Malaysia government to review the Housing Development Act"},"content":{"rendered":"


\nFresh calls for an amendment
\nDenphumi\/Shuttershock
\nTo safeguard the welfare of home buyers, the government should revise some provisions of the Housing Development (Control And Licensing) Act of 1989, according to an article from Sin Chew Daily.
\nFirst, developers should not be permitted to invalidate or revise any section of the Sale and Purchase Agreement (SPA) it had signed with home buyers as it is unfair for consumers. This is because these companies are currently allowed by law to apply to make changes to the contract without the need to notify or obtain the consent of the other party.
\nMoreover, this is not proper as the SPA spells out the terms and conditions that must be followed by the developer and buyer, including the penalties for breaking these provisions.
\nSection 11 of the act should also be revised as it lets developers unable to build the houses on time to apply for an extension to complete the residential properties from three years to four years.
\nMore: Why Malaysia\u2019s market woes may soon be over
\nThe article argued that this is not right because if a buyer fails to make payments for the houses on time, the developer can impose charges as per agreed. Typically, the developer adds a 10 percent interest on the outstanding amount per annum.
\nConversely, if the developer fails to complete the houses, the company must indemnify the buyer. But if the Housing Ministry gives them an extension, they will no longer need to provide compensation. This very unfair and would greatly affect people who have already sold their old properties or are currently leasing.
\nIn fact, Malaysia\u2019s National House Buyers Association (HBA) has received more than 100 complaints regarding this matter in Johor and Klang Valley since the start of 2016.
\nMore: Both good and bad news for Iskandar Malaysia
\nAccording to Former Housing Minister Abdul Rahman Dahlan, they gave extension to developers, otherwise these companies might go bust due to the compensation they need pay to home buyers.
\nHowever, the article contended that the Housing Ministry should place more importance on the welfare of buyers, instead of big time developers.
\nGiven the aforementioned sections of the Housing Development Act, there had been many conflicts recently between homebuyers and developers, with some ending up in court.
\n\u201cIt is absolutely essential for the government to review the existing act in order to closely monitor the developers\u2019 financial capability in executing development projects, while protecting the interests of buyers,\u201d it added.
\nThis story originally appeared on PropertyGuru.com.my on 16 February 2017.
\nRead next: Asia Property Awards (Malaysia) 2017\u2019s race for the gold officially begins
\n
\nSource : property-report.com
\nRead more…\u2018Absolutely essential\u2019 for Malaysia government to review the Housing Development Act<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Fresh calls for an amendment Denphumi\/Shuttershock To safeguard the welfare of home buyers, the government...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-44422","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-byu","jetpack-related-posts":[{"id":29449,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/revise-stamp-duty-for-first-time-buyers\/","url_meta":{"origin":44422,"position":0},"title":"Revise stamp duty for first-time buyers","date":"October 11, 2016","format":false,"excerpt":"\r House prices are not the only expense for a hard-pressed generation\r \r Source : ft.com\r Read more...Revise stamp duty for first-time buyers","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":80346,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/budget-2018-govt-enhances-proximity-housing-grant-for-resale-flat-buyers\/","url_meta":{"origin":44422,"position":1},"title":"Budget 2018: Govt enhances proximity housing grant for resale flat buyers","date":"February 19, 2018","format":false,"excerpt":"\r Families buying a HDB resale flat to live with their parents or married children will now enjoy an enhanced PHG of $30,000. 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