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MDA Requests Government to Finalize Apartment Bill
02/04/2019
AUTHOR: HMONE LAY
Myanmar Developer Association (MDA) has made a request for government to prepare the Apartment Bill as soon as possible in order to protect apartment buyers.
The law will allow for two things. First it enables apartment owners to legally register, sell or sub-lease their apartments in accordance with law, and secondly, the government will be able to legally collect tax on the sale of the apartment.
“Due to the lack of an apartment law, contracts that are written between buyers and sellers are considered informal. If you want to use your home as collateral at a bank, the contract is not worth anything in the eyes of the bank. This deprives consumer rights from people. As the contracts are informal, frauds and other unwanted consequences such as developer running away can happen. Yet, government can’t get tax since the contracts are done informally. When the law comes out, apartments must be registered,” said U Myo Myint, General Secretary of Myanmar Developers Association.
There have actually been two bills put forth. The first one was drafted by the Myanmar Developer Association and the Yangon Regional Government. This law was intended as an Apartment Law exclusively for Yangon, which has over 300,000 apartments, far more than other states and regions.
The other bill was introduced by the Myanmar Licensed Contractors Association, and it has been submitted it to Pyidaungsu Hluttaw’s (the national parliament) construction committee for review.
“Now, the two separate bills might be combined at Union level. This cannot be decided by the Yangon Region alone,” U Myo Myint said.
On March 15 at the monthly regular meeting with U Myint Swe, Vice President No.1 of Myanmar, local businessmen requested the government allow six months, or a certain amount of time, for people to prepare before enforcing a law or an order.
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