HBA lauds efforts to tackle structural hurdles
KUALA LUMPUR: The “New Deal For Business” (NDFB) document must tackle structural and situational hurdles such as bureaucratic red tape, inefficient regulations and undue regulatory burdens that hinder investors and businesses operating in Malaysia, said the National House Buyers Association (HBA).
However, HBA honorary secretary-general Datuk Chang Kim Loong acknowledged the challenges involved in implementing the NDFB.
The government is drafting the document, facilitated by the Special Task Force to Facilitate Business (Pemudah).
“I am sure that the government will continue to improve the business environment and resolve concerns through the NDFB document.”
However, he said the bureaucratic obstacles faced by the rakyat had been partially addressed.
Chang said for example, in the property sector, the sale of pre-printed bank forms or loan documentation fees had been discontinued.
Following a directive from Bank Negara Malaysia last year, banks ceased charging documentation fees for housing loans.
He said banks had been imposing fees for security documents since 2013, ranging from RM100 to RM600, despite these being solely soft copies of standardised security documents.
Consequently, lawyers were compelled to incorporate these fees into invoices for the borrowers.
Another area of concern addressed involved vacant possession of properties with strata titles.
“There have been cases where developers deliberately failed, neglected or refused to apply for and transfer the strata titles to the owners, even when the latter have paid in full,” he claimed.
He commended the government’s response to these issues, which included enacting new statutory provisions, amending ambiguous laws to plug loopholes, and repealing redundant sections of various acts.
Notably, under Section 6(1) of the Strata Management Act 2013, developers are now required to file the Schedule of Parcels with the Commissioner of Buildings before selling any parcel.
Chang emphasised the importance of strata titles in granting full legal ownership to house buyers.
“The government must continue to safeguard house buyers by ensuring the process of vacant possession simultaneously with the issuance of strata titles,” he said.
For the registration of individual and strata titles at Land Offices, he noted a significant reduction in processing time, from three months to one day for individual titles and from six months to seven days for strata titles.
He commended the Valuation Department and Stamping Offices for implementing the one-day rule.
“At HBA, we will continue to highlight positive outcomes periodically,” he added.