Act will make it faster to
obtain strata titles
The Star 14/12/2006
ISSUANCE of Strata Titles will no longer take years once the Strata Titles
(Amendment) Act 2006 comes into effect next month.
This Bill and five related ones were passed unanimously in the House.
Natural Resources and Environment Minister Datuk Seri Azmi Khalid said the
Act would expedite the process of issuance of strata titles and solve the
problems of overlapping of laws between his ministry and the Housing and
Local Government Ministry.
He said the Act would boost the property market as it would make it easier
for banks to approve loans for developers and buyers.
“At present, banks are reluctant to approve loans because of the problem of
strata titles,” he said.
Azmi said developers would now have to transfer the strata titles within a
year after the titles are approved by the Land Office.
He said under the existing Act, developers must apply for Strata Titles
within six months after they obtain the Certificate of Compliance and
Completion.
