Strata Title Act to be amended
Gated housing projects to benefit
PUTRAJAYA : Developers of gated community projects, unable to get bank loans due to problems of getting strata titles, can heave a sigh of relieve with the cabinet’s approval to amend the Strata Title Act 1985.
Natural Resources and Environment Minister Datuk Seri Azmi Khalid said the draft for the amendments had been approved and would be read out in the current Parliament sitting.
He hoped it could be passed next year.
He said the gated community concept has become popular, as it is a mixed development concept with swimming pools, community centre, recreational facilities and security services.
He added that homebuyers, whether in terrace houses or high-rises, shared the facilities and paid maintenance fees.
“So far there is no law to show how all these people can share the strata title,” Azmi told reporters at his ministry’s Hari Raya gathering here yesterday.
“Due to this, there is a delay in issuing the titles. Banks, using this excuse, do not want to offer loans to developers of such projects.”
Acknowledging that this had affected the housing industry, he added that another Act under the purview of the Housing and Local Government Ministry would also have to be amended to solve the problem.
“The other Act would deal with the management and maintenance of high-rise buildings, many of which do not have strata titiles due to inadequate provisions in the law,” he added.
Azmi said with more provisions, strata titles could be issued within two months, and banks would also give loans.
Source :The Star 9/11/06 Close Window