THE Ministry of Housing and Local Government is developing three new laws to regulate the housing and property market, said National Housing Department director-general Jayaseelan K. Navaratnam.

Speaking to reporters at the sidelines of a Khazanah Research Institute event today, he said the ministry is developing bills on residential tenancy, commercial building and one to govern wakaf land, or land bequeathed for the benefit of the Muslim community.

He said he hopes the residential tenancy bill will be ready for debate in Parliament by the end of next year while the bill on commercial building aims to set a guideline for all commercial properties.

At this juncture, there are different terms and guidelines for commercial buildings based on type of the property, he said.

Jayaseelan added that there is a need to govern some 33,000ha of wakaf land that belongs to the states.

“We want to develop this. This is an opportunity we see. So we want to create a separate law for it.”

The ministry is also reviewing the Housing Development Act 1966 to better suit current needs, such as buyers’ rights and self-regulation.

“We are looking at self-regulation, that means (there will be a) sunset clause – if you are buying a development we will not interfere – the purchaser and developer will set the requirements.”

He said while this has been implemented in foreign countries, it is necessary to determine if it is suitable and timely for the Malaysian property market. – April 25, 2019