Buyers still at developers' mercy

10/04/2006 New Straits Times

THERE appears to be an inordinate delay in putting into effect the recent proposals to address the weaknesses in the housing industry. Four decades is a long time to find and implement effective measures to protect the house buyer in the event the housing scheme is abandoned.

Several measures have been introduced and enforced. While they have addressed a variety of the symptoms, none has been directed at removing the underlying cause of the problem.

The latest solution proposed is the mode of payment model, and it has found support from independent organisations like the Bar Council, but there appears to be a singular lack of movement towards getting it legislated.

There is a popular perception that the reforms will never be implemented. And while the debate goes on, the victims of the inaction continue to multiply.

It is understood that a massive housing development is at the point of coming to a standstill which will, no doubt, result in a substantial number of new victims losing their life savings.

The pity of it is that the victims will be the ones least able to afford it.