The National Land Council (MTN) has decided to amend the Strata Titles Act of 1985, reducing homebuyers' waiting time to move into their new houses, according to a report by The Star.
If the amendments are approved, buyers of strata units will be able move in following receipt of vacant possession from the developer. At the same time, the strata ownership will be duly registered in the land office so that the title can be transferred promptly to the buyers.
The amendments also seek to reduce the time required to process and issue strata titles to less than 100 working days from 170 working days, said MTN.
"The proposed amendments to the Act would, among others, aim to ensure the rights of buyers of stratified housing, especially strata titles that guarantee proprietary (keempunyaan) rights to an individual," explained the council.
"We will make sure developers do not abdicate their responsibility to apply for strata titles and ensure they subsequently transfer the ownership to the rightful buyers," said Deputy Prime Minister Tan Sri Muhyiddin Yassin, who chaired the council's meeting on the proposed amendment.
Muhyiddin noted that the amendments are expected to have a great impact on Malaysia property industry, adding that "the problem of late issuance of strata titles could be resolved by shortening the issuance period."
Meanwhile, MTN has achieved a 100 percent success rate in resolving backlogged applications related to land as of 31 December 2011, with only Selangor missing out 164 cases out of 1,965,867 cases.
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