Real es­tate law in the works

The Myanmar Times - - Front Page - MYATNYEIN AYE my­atyeinaye@mm­

In­dus­try bod­ies call for new leg­is­la­tion to lift pro­fes­sional stan­dards and to pro­tect the rights of buy­ers, sell­ers and agents in Myan­mar’s real es­tate sec­tor.

MYAN­MAR needs a real es­tate ser­vices law to bol­ster pub­lic con­fi­dence in the sec­tor and to al­low prac­ti­tion­ers to co­op­er­ate – and com­pete – with re­gional coun­ter­parts, in­dus­try fig­ures say.

How­ever, the spe­cial com­mis­sion tasked with as­sess­ing le­gal re­form needs said a draft pro­posal sub­mit­ted by the Myan­mar Real Es­tate Ser­vices As­so­ci­a­tion (MRESA), a UMFCCI-af­fil­i­ated in­dus­try body, would have to be taken back to the draw­ing board.

Speak­ing at a press con­fer­ence on Septem­ber 12, of­fi­cials from MRESA said the adop­tion of a law reg­u­lat­ing their in­dus­try would im­prove pro­fes­sional stan­dards, as well as pro­vide for bro­kers op­er­at­ing in­creas­ingly in other ASEAN coun­tries.

“The ser­vices of real es­tate agents and customers needs a pol­icy frame­work to help en­sure the good con­duct of business. The Philip­pines has a Real Es­tate Ser­vices Act and Sin­ga­pore has an Es­tate Agent Act, so that agen­cies, agents and bro­kers in those ASEAN coun­tries are li­cenced pro­fes­sion­als who en­joy pub­lic con­fi­dence,” said MRESA chair U Khin Maung Than.

MRESA said ex­ist­ing leg­is­la­tion, like the Trans­fer of Prop­erty Law and the Land­lord and Ten­ant Law, reg­u­lated the sec­tor, but falls short when it comes to pro­tect­ing the rights of agents, buy­ers and sell­ers, and lay­ing down dis­pute res­o­lu­tion pro­ce­dures.

“The only way to re­solve dis­putes is to rely on the sales con­tract, and that is not enough. It’s time we had a law, which other coun­tries al­ready have,” MRESA vice chair U Than Oo said.

The in­dus­try body said it has sub­mit­ted a draft pro­posal to a par­lia­men­tary com­mis­sion for re­view.

Le­gal Af­fairs and Spe­cial Cases Com­mis­sion vice chair U Ko Ko Naing said it was agreed that there needed to be an up­dated law gov­ern­ing the real es­tate sec­tor, but that fur­ther con­sul­ta­tion with of­fi­cial in­dus­try bod­ies would be re­quired.

“We [al­ready] met with three as­so­ci­a­tions, Yan­gon, Man­dalay and Nay Pyi Taw city de­vel­op­ment com­mit­tees, the Min­istry of Con­struc­tion, and the at­tor­ney-gen­eral to dis­cuss draft­ing the law,” he told The Myan­mar Times.

The Com­mis­sion’s de­ci­sion has been met with re­lief from the two other UMFCCI-af­fil­i­ated real es­tate bod­ies, the Yan­gon Real Es­tate En­tre­pre­neur As­so­ci­a­tion (YREEA) and the Man­dalay Real Es­tate Ser­vice As­so­ci­a­tion.

U Saing Kong Naung, YREEA chair, said he hopes the com­mis­sion’s fu­ture con­sul­ta­tions will be more in­clu­sive.

“There couldn’t be a law [drafted] by only MRESA … Three as­so­ci­a­tions [have] got of­fi­cial li­cences,” he said, adding that pri­vate bro­kers and ex­perts could also be con­sulted.

“[Once all the] rel­e­vant au­thor­i­ties agree, the com­mis­sion will form a Bill Joint Com­mit­tee to draft a bill for sub­mis­sion to the Union par­lia­ment,” U Ko Ko Naing said.

MRESA’s lawyer Daw Khin Aye Mu said the in­dus­try body’s draft pro­posal sub­mis­sion was an at­tempt by the or­gan­i­sa­tion to be proac­tive, and that it hadn’t been their in­ten­tion to box out the other as­so­ci­a­tions.

“We’re do­ing what we think is best for the in­dus­try,” she said.

Photo: Staff

Real es­tate agents dis­cuss floor plans.

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