This is Part 2 of an article published here.
“When we buy a luxury car for RM800,000, we can get our bank facility within two or three days without a lawyer, but when we buy a house for RM300,000, we are required to have a battery of lawyers to complete the transaction which takes an average of three to six months.
Yesterday (April 13), the Federal Court dismissed the leave applications brought by Country Garden Danga Bay Sdn Bhd (CGDB) against a group of seven unit purchasers of Country Garden Danga Bay, Johor Bahru.
The National Homebuyers Association (HBA) is calling out that the drafted laws of the proposed Residential Tenancy Act (RTA) draft have incomprehensible sections.
Do we honestly need new laws to purportedly “offer more protection” for house buyers when the existing ones are adequate? Do we lack laws or the will to enforce them? Would amending the Housing Development (Control &Licensing) Act, 1966 (Act 118) and their related Regulations honestly solve the problem of abandoned housing project? There is nothing wrong with the current laws.
Last week, I presented the National House Buyers Association (HBA)’s: ‘tick where applicable” checklist to our newly minted Minister of Housing & Local Government, YB Datuk Seri Reezal Merican Naina Merican in my article published on Dec 11, 2021 entitled: ‘If I were the Housing Minister” I have since received positive feedback from my fellow volunteers, friends of HBA, industry players, stakeholders, civil servants, politicians from both sides of the divide and housing developers (of the decent and responsible variety).
The Buffett indicator – defined as “the total market capitalization of stocks divided by the total value of the nation’s gross domestic product (GDP)” – has been widely used for gauging the broad stock market valuation in a country.
It is heartening to see that the government, through the 12th Malaysia Plan (12MP), has outlined a more holistic approach to affordable housing as an attempt to reform the housing market in the post-Covid-19 era.