While GRR schemes sound very attractive, investors need to know they are not as simple as they seem. In fact, they should be approached with as much caution as advertisements for fast weight loss pills, get-rich-quick ventures or striking the lottery.
The National House Buyers Association (HBA) has time and again reminded the housing minister and those under the ministry’s charge on the need to rein in the conduct of those so-called court-appointed officers, namely liquidators.
Since its enactment in 2015, there has not been any news of developers being prosecuted under this new Section, although cases of abandonment abound. Enforcement is still the key on whether the law is effective in protecting property buyers.
The Government has heeded the recommendations of the National House Buyers Association (HBA) to close the floodgates and resolve the issue.
Many may not be aware that they have generally six years’ period to commence legal action to enforce their rights if they suffer from any physical or financial injury. This is stipulated under Section 6(1)(a) of the Limitation Act 1953.
The housing and local government ministry (KPKT) has often advocated in the media that the ministry will be passing new laws for the protection of house buyers. Then why don’t we have a new clause in the statutory SPA to allow purchasers to “inherit” the manufacturers’, contractors’ and suppliers’ warranties given to the housing developers?
The pandemic has changed the way homeowners use and enjoy the common properties of their subdivided buildings.